oil holds near $42 as investors weigh demand against virus€¦ · 23 june 2020 |02 dhu al-qadah...
TRANSCRIPT
23 jUnE 2020 | 02 DHU AL-QADAH 1441 HIjRI | VOLUME nO. 07 | ISSUE 245 @emi_business emirates-business.ae/emiratesbusiness.ae
Price UAE: AED 2
Tuesday
The shift isn’t going to be easy for the nation. It will take sometime for workers to learn to adapt to the new output-orientedstyle of work, writes
oP-ED PAGE 04
Japan’s work culture gets a Covid-19 shock
EuroPE PAGE 07
The PM draws up a reform plan to lobby for nation’s share of a proposed $838bn EU program to help member states recover from lockdowns
italy will likely seek to widen budget shortfall: Conte
Noah Smith
BlooMBerg
Oil held near $42 a barrel inLondon as investors weighedsigns of rebounding demandagainst a resurgence in newcoronavirus cases.
Opec and its allies are on trackto rebalance the oil market andthere are encouraging signs ofrecovery, Saudi Arabia’s EnergyMinister Prince Abdulaziz binSalman told an Opec+ meetinglast week. However, Californiareported record new virus casesand infections jumped by morethan the weekly average inFlorida, which followed a flareup in Beijing last week.
Meanwhile, Brent crude’sprompt spread was in backwar-dation for a third day, a bullishmarket structure that indicatestightening supply. It flippedfrom contango on Thursday forthe first time since March.
Oil capped its seventh weeklygain with traders Vitol Groupand Trafigura Group sayingglobal demand is recoveringrapidly following the easing oflockdown restrictions. Aidingthe rebound is global supply
cuts, with Opec output in Mayfalling to an average of 24.19million barrels a day, from 30.5million the previous month, thecartel said on Twitter.
“There is good support dueto supply-side narratives, al-though bullish ambitions couldbe held back by the virus,” saidStephen Innes, chief marketstrategist at AxiCorp Ltd.“What’s important is whether
governments reimpose wide-sweeping lockdowns. With theoverall count low globally,that’s unlikely, whereas prox-imity or soft lockdowns like inBeijing are likely.”
While Opec+ is “on the righttrack” to rebalance the market,there’s still a long way to go,Prince Abdulaziz said in re-marks to the meeting. Therewill be setbacks and a second
wave of infections can’t be ruledout, he added.
The Americas region ac-counted for almost two-thirdsof new virus cases reported bythe World Health Organisation.China suspended poultry im-ports from a Tyson Foods Inc.plant in the US after hundreds ofemployees tested positive forCovid-19. Meanwhile, oil explo-ration in the US shrank for a14th straight week, reducingthe number of active rigs to thelowest level since 2009.
opeC and its aLLies are on track to rebalance the oil market and there are encouraging signs of recovery
Oil holds near $42 as investorsweigh demand against virusOil capped its seventh weekly gain with traders Vitol and Trafigura sayingglobal demand is recovering rapidly following easing of lockdown restrictions
Life amid Covid-19 in maLaysia
People wear face masks inside a metro in implementation of the instructions set by the Ministry of Health to prevent the spread ofthe coronavirus (Covid-19) pandemic, in Kuala Lumpur, Malaysia on Monday —DPA
Etihad partners with Medicus AI to launch Covid-19 risk-assessment tool
ABU DHABI / WAM
The UAE national airline, EtihadAirways, is partnering with Aus-trian-based healthcare technol-ogy company Medicus AI tolaunch a Covid-19 risk-assess-ment tool that will empowerguests to make informed decisions about travelling.
Powered by Medicus AI’stechnology, the risk-assessmenttool will guide Etihad’s guestsin evaluating the probability ofhaving contracted the Covid-19by responding to a set of 22questions, the airline said in astatement on Monday.
The self-administered assess-ment, which takes less than fiveminutes to complete, is basedon World Health Organisation(WHO) guidelines that are up-dated daily.
With this risk-assessmenttool, guests will understandtheir individual probability ofhaving contracted the virusalongside advisories and rec-ommendations, allowing themto make informed decisionsabout travelling.
The tool is now available toguests on Etihad website andsoon on the Etihad Airways mo-bile application on the Apple iOS,Android and Huawei platforms.
Frank Meyer, Chief Digital Of-ficer of Etihad Airways, said,"We know that health and well-being will be a major factor im-pacting the travel decisions ofour guests and are committed toensuring their continued safetyand peace of mind when theychoose to travel with Etihad Air-ways. As flying operations beginto resume globally, we want toempower our guests to make informed decisions on travel.
UAE national airline’s partnership with Austrian tech firm will empower guests to make informed decisions about travelling
DUBAI / WAM
Dubai's dnata, one of theworld’s largest air servicesproviders, continues to berecognised for achieving thehighest safety standards.The International Air Trans-port Association (IATA)awarded dnata the IATASafety Audit for Ground Op-erations (ISAGO) Registra-tion in Iraq, following thesuccessful completion of acomprehensive audit of thecompany and its ground-handling operations at ErbilInternational Airport (EBL).
dnata provides ramp, pas-senger and cargo handlingservices to more than 40 air-lines in Erbil. The company’scustomer-oriented team inIraq consists of over 300highly-skilled aviation profes-sionals, who assisted 1.8 mil-lion passengers and ensuredthe smooth and safe opera-tions of 10,000 flights in 2019.
dnata awardedfor its servicesin Erbil, Iraq
DUBAI / WAM
The Ministry of Finance (MoF)organised a virtual workshopwith the UAE central bank,and banks within the country,to explain banking proceduresrelated to managing bank ac-counts for federal entities.These include operations re-lated to the powers and limi-tations of signature and otherprocedures regulating bank-ing procedures, in line withthe Federal Decree-Law onPublic Finance.
The two-day workshopwas organised as part of theministry's efforts to imple-ment the cabinet decision onthe rules to open and closebank accounts and broaderbanking operations, as wellas to ensure optimal applica-tion by the relevant authori-ties in the UAE. It wasattended by several financialmanagers from 30 ministriesand federal government enti-
ties in the UAE.Additionally, the work-
shop clarified the steps inthe event of cancellation orrestructuring any of the federal ministries or enti-ties, the concept of financialfacilities, as well as bank reconciliations.
MoF hosts workshop onbanking operations’ rules
Five winners named for OneMillion Arab Coders Initiative
DUBAI / WAM
One Million Arab Coders Ini-tiative (OMAC) led by DubaiFuture Foundation (DFF)named the five winning stu-dent coders whose projectstackle some of the crucial is-sues facing today’s societieswhile bringing value to com-munities in countries acrossthe Arab world.
The five student coderswere selected for their projectproposals outlining how theywould execute their fully de-veloped mobile applicationsusing the Android operatingsystem to ignite change withintheir communities. Their solu-tions were based on three key
pillars: boosting economicgrowth, providing humanitar-ian value and enabling creativity and innovation.
The top five projects are:Sanad by Farah Mahdi Khud-hair, 3al Faraza by Iman WagdySelim, Help the Poor by Mo-hamed Sobhy Abdelmageed,Tammeni by Saeed Awad Abou
Si’ah, and Landmine Alert byMarwan al Hakimi.
OMAC has also recognisedthe distinguished mentors whohad provided exemplary guid-ance to the students, based ona qualitative assessment oftheir efforts in supporting thestudents through the projectdevelopment. page 2
The solutions were based on economic growth, providinghumanitarian value and enabling creativity, innovation
The five student coderswere selected for their
project proposalsoutlining how they would
execute their mobileapps to ignite change
within their communities
ABU DHABI / WAM
Abu Dhabi Pay launchedthrough the Abu Dhabi Gov-ernment (TAMM), the AbuDhabi government servicesecosystem is the latest uni-fied digital payment platformfor all government servicesin the emirate.
The platform provides se-cure and standardised meth-ods of digital payment for allgovernment services acrossdifferent channels, ensuringcustomer no longer need tovisit government offices orcentres in person. The easeand convenience now af-forded to customers alignwith the Abu Dhabi Govern-ment’s vision to improve thequality of life for all mem-bers of society and enhancecustomer experiences.
The seamless integrationof Abu Dhabi Pay with thegovernment entities alreadyonboarded represents thebeginning of a new era ingovernment services.
ABU DHABI / WAM
Adnoc Distribution hasbeen named the No1. retailbrand in the region in theForbes Middle East Top 100Companies 2020.
Adnoc Distribution, rank-ing at number 52 overall, isone of 21 UAE companies to be listed, with GCC com-
panies accounting for 90percent of the total 100.
Compiled of the largestand most successful listedcompanies in the region, thevalidation comprises in-depth research and datafrom all stock exchanges inArab countries, and analysisof market value, sales, assets and profits.
Adnoc Distribution namedregion’s top retail brand
Abu Dhabi Pay offers securemethods of digital payment
Oil exploration in the US shrank for a 14th straight week, reducing the number of activerigs to the lowest level since 2009
The risk-assessment toolwill guide Etihad’s guestsin evaluating probability of
having contracted theCovid-19 by respondingto a set of 22 questions
n Brent crude’s promptspread was inbackwardation for a thirdday, a bullish marketstructure that indicatestightening supply
n Opec output in May isfalling to an average of24.19 million barrels aday, from 30.5 millionthe previous month The ease, convenience
afforded to customersalign with Abu Dhabi
government’s vision toimprove quality of life forall members of societyand enhance customer
experiences
Brent Crude $42.34/bbl
ENERGy
WTI Crude $39.79/bbl
Natural Gas $1.70/MMBtu
Gold $1,772.90/t oz
PRECIOUS METALS
Gold-Dubai AED213.25/gm
TEN TOLA GOLD
buLLIONSTOCK MARKET INDEX
Abu Dhabi - ADX 4,346.92
Dubai - DFM 2,090.92
New york - NYA 11,988.59
London - UKX 6,243.76
FOREX (AED)
uSD 3.6800
EuRo 4.1343
GBP 4.5703
YEN 0.0347
CHF 3.9037
CAD 2.7308
EXCHANGE RATE
Indian Rs 20.58
Pakistani Rs 44.48
Sri Lankan Rs 50.71
Philippine Peso 13.38
Bangladesh Taka 22.32 Silver $18.23/t ozBuy for
(AED) 24,873.48
The two-day workshopwas organised as part
of the ministry’s efforts toimplement the cabinetdecision on the rules to
open and close bankaccounts and broader
banking operations
ErBIl / EMirAtEs BusinEss
dnata, one of the world's largestair services providers, contin-ues to be recognised for achiev-ing the highest safety standards.The International Air TransportAssociation (IATA) awardeddnata the IATA Safety Audit forGround Operations (ISAGO)Registration in Iraq, followingthe successful completion of acomprehensive audit of thecompany and its ground-han-dling operations at Erbil International Airport (EBL).
Tom Alwyn-Jones, GeneralManager of dnata Erbil, said:"We are thrilled to mark an im-portant milestone in our ongo-ing commitment to safety andsecurity by achieving the presti-gious ISAGO certification. Weconstantly invest in training,processes and technology andengage our highly-skilled peopleat all levels of the organisation todeliver world-class safety forour customers. The successfulcompletion of IATA's compre-
hensive audit demonstrates ourability to consistently achievethe highest standards across ouroperations.
"I thank our skilled team fortheir hard work and dedica-tion. We continue to go theextra mile to provide serviceexcellence to our customers,every day."
dnata provides ramp, pas-senger and cargo handlingservices to more than 40 airlines in Erbil.
Abu DhAbi Department of Economic Development (Added) conducts 64,729 inspections, control campaigns
abu dhabi committed toovercome Covid-19 impact
dnata achieves highestsafety standards in Erbil
ABU DHABI / WAM
Tickets can now be pur-chased on Louvre AbuDhabi's website ahead of themuseum's reopening thisWednesday, June 24.
Visitors will once again beable to experience LouvreAbu Dhabi's world-class col-lection and view its latest international exhibition, Fu-rusiyya: The Art of Chivalrybetween East and West,which will run from July 1and extended until October18. Entry will be free forguests under the age of 18, aspart of the museum's mis-sion to engage the young audiences and families.
Manuel Rabaté, director ofLouvre Abu Dhabi, assuredthat appropriate health andsafety measures have beenput in place - including ther-mal scanning, new openinghours, and limiting the num-ber of visitors every hour.Masks and gloves will also bemandatory.
"We look forward to givingour museum back to thecommunity and resumingour physical role as a spacefor sharing our many storiesof cultural connections. Aswe prepare to reopen, we arefurthering our commitmentto being a mindful museum -a concept that has alwaysbeen a part of our DNA and isnow more urgent than everbefore," said Rabaté.
"I want to thank our dedi-cated staff for their resilienceand hard work to prepare forthis moment. We are eager
and excited to welcome backvisitors soon."
Among the safety rulesthat the Louvre Abu Dhabiwill be implementing are:n New opening hours: 10am- 6.30pm daily, closed onMonday. Last museum entryat 5:30pm.n The number of visitors perhour will be limited to allowfor social distancing.n Tickets can be purchasedonly via Louvre Abu Dhabi'swebsite and must be bookedfor a specific arrival time slot.Once at the museum, visitorsmay visit for up to threehours.n Temperatures of all visi-tors will be checked upontheir arrival.n Masks and gloves are re-quired for all visitorsthroughout their stay at themuseum.n Only credit card or smartpayments will be accepted atall museum outlets, includ-ing food and beverage sitesand the boutique.
Manuel Rabaté, Director of Louvre Abu Dhabi
As we prepare to reopen, we
are furthering ourcommitment to being amindful museum — aconcept that has alwaysbeen a part of our DnAand is now more urgentthan ever before
One Million Arab Coders Initiative announces five winners
DUBAI / WAM
One Million Arab Coders Initia-tive (OMAC) led by Dubai Fu-ture Foundation (DFF) namedthe five winning student coderswhose projects tackle some ofthe crucial issues facing today’ssocieties while bringing value tocommunities in countriesacross the Arab world.
The five student coders wereselected for their project pro-posals outlining how theywould execute their fully devel-oped mobile applications usingthe Android operating systemto ignite change within theircommunities. Their solutionswere based on three key pillars:boosting economic growth,providing humanitarian valueand enabling creativity and innovation.
The top five projects are:Sanad by Farah Mahdi Khud-hair, 3al Faraza by Iman WagdySelim, Help the Poor by Mo-
hamed Sobhy Abdelmageed,Tammeni by Saeed Awad AbouSi’ah, and Landmine Alert byMarwan al Hakimi.
OMAC has also recognised thedistinguished mentors who hadprovided exemplary guidance tothe students, based on a qualita-tive assessment of their efforts insupporting the students throughthe project development. Thetop four tutors were AbdulwahidAlJamaly from Yemen, Eyad
Raschad from Syria, BasilaAlMahli from Syria, and SaraZehraoui from Morocco.
Commending the outstandingstudent projects, Omar Sultan AlOlama, Minister of State for Ar-tificial Intelligence, encouragedthe young Arab winners to usethe knowledge they had gainedduring their participation in the
One Million Arab Coders initia-tive and employ their creativityand spirit of innovation to servetheir communities and build abrighter tomorrow. He notedthat coding is the language ofthe future and is a key skill to ac-quire, reminding the studentcoders that they play an integralrole in building the foundation
of a comprehensive economicrenaissance in the Arab region,as envisioned by His HighnessSheikh Mohammed bin RashidAl Maktoum, Vice President andPrime Minister of the UAE andRuler of Dubai.
"Through this effort, we willcontinue to encourage young tal-ent and provide them with theopportunity to showcase theirideas and work with experts andspecialists to bring these ideas tofruition for the greater good oftheir communities," he added.
Launched by His HighnessSheikh Mohammed bin RashidAl Maktoum, Vice President andPrime Minister of the UAE,Ruler of Dubai, the One Million
Arab Coders initiative seeks totrain one million young Arabs incomputer programming, inorder to empower and equipthem with the technologicaltools and expertise to face thechallenges of the future.
Sanad by Farah MahdiKhudhair, 26 yearS
Sanad is an Android applica-tion created by Farah MahdiKhudhair, an Iraqi living in Jor-dan, to make health serviceseasier, cheaper and accessible topeople from the comfort of theirown homes.
One Million Arab Coders Initiative has recognised distinguished mentors who had provided
exemplary guidance to the students, based on a qualitative assessment of their efforts in
supporting the students through the project development
the five student coders were selected for their project
proposals outlining how they would execute their fully
developed mobile applications using the Android operating
system to ignite change within their communities
T U E S D AY 2 3 J U N E 2 0 2 0
02 news
EMIRAtES buSInESS
Emirates welcomes thelatest air travel protocolsthat will facilitate interna-tional travel for UAE citi-zens, residents andtourists, and open Dubaito business and leisurevisitors from July 7, whileputting in place carefulmeasures to ensure thehealth and safety of trav-ellers and communities.
Emirates has alsolaunched an advertise-ment to tell the world thatDubai is open and readyto welcome internationaltravellers. Emirates hasimplemented a compre-hensive set of measures atevery step of the cus-tomer journey to ensurethe safety of its customersand employees on theground and in the air.
SHArjAH / WAM
Sharjah Electricity and WaterAuthority (Sewa) has com-pleted the implementation of anatural gas network in all areasof Rahmaniyah, with a length of305 km. This bring the length of the network in the city ofSharjah to 1750 km.
Sewa is currently working onimplementing a strategic linefrom the Rahmaniyah stationto the Muwailih commercialarea with a length of 16 km, toserve the region and a numberof areas and development proj-ects, such as Al Waha, Nasma,Al Zahia and other new proj-ects. Such new projects comesin line with the directives of HHDr Sheikh Sultan bin Muham-mad Al Qasimi, Supreme Coun-cil Member and Ruler ofSharjah.
Sewa aims to deliver servicesto the people of the Rah-maniyah areas, and to take ad-vantage of the natural gaspumping station. The servicesconnects to 700 residential vil-las, and the rest of the buildingsare underway, as the natural gasnetwork has been started in the
areas of Al Seyouh and the net-work will be implemented fordevelopmental projects.
Dr. Rashid Al Leem, Chairmanof Sewa, highlighted that the
natural gas network and thepumping station operate ac-cording to the best technicalspecifications and the highestinternational safety and securitysystems.
He also noted that the planaims to reach natural gas to allareas of Sharjah, and in thisframework studies are carriedout to continue to establish sta-tions and the implementation ofextensions in Sharjah.
The Chairman of Sewapointed out that the number ofpeople who benefit from natu-ral gas services in Sharjah ex-ceeded 300,000, and thatSewacontinues to expand thenatural gas network in the new areas of Sharjah and theEastern Region in Kalba andKhorfakkan.
He added that the naturalgas project in Sharjah hasachieved great success, andSewa continues to prepare andimplement strategic plans forits development, as some300,000 people in commercial,residential and industrial areasare currently benefiting fromit, and the city's gas networkhas reached about 2000 km.
Entry to Louvre Abu Dhabi will be free for guests under the age of 18, as part of themuseum’s mission to engage the young audiences and familiesSewa completes natural gas
network in Rahmaniyah
Sewa is currently workingon implementing a
strategic line from theRahmaniyah station to theMuwailih commercial areawith a length of 16 km, to
serve the region and anumber of areas anddevelopment projects
Emiratesready to serve
travellers
Sharjah Electricity and Water Authorityaims to deliver services to the people of theRahmaniyah areas, and to take advantageof the natural gas pumping station
ABU DHABI / WAM
A special virtual meeting wasconducted by Mohammed Ali AlShorafa, Chairman, Abu DhabiDepartment of Economic Devel-opment (Added), where he em-phasised the Abu DhabiGovernment’s commitment toenhance the roles of entitieswithin the public and privatesectors in the continuous effortsto overcome the challenges andimpact caused by the Covid-19pandemic.
Al Shorafa's statement waspart of a speech he gave duringthe virtual meeting for around400 employees of Added, theAbu Dhabi Council for EconomicDevelopment (ADCED) AbuDhabi Investment office "ADIO"and the Khalifa Fund for Enter-prise Development (KFED). Alsopresent during the meeting wasRashed Abdul Karim Al Balooshi,Undersecretary of Added. Thespecial virtual meeting was heldto serve as a key guide in helpingprepare the employees for theirgradual return to work.
In his speech, Al Shorafashared that the success of AbuDhabi Government employeesin maintaining business conti-nuity amidst Covid-19 is clearlyreflected in the positive resultsachieved in addressing the pan-demic. He further pointed outthat the positive achievementscan be attributed to the key ca-pabilities demonstrated byhuman resources, includingtheir qualifications, confidenceand commitment to serve thecountry and its wise leadership.
Al Shorafa lauded the em-ployees’ efforts, interaction anddedication rendered during theremote work period, whichhelped reinforce Added's role inleading the emirate's economicagenda, particularly in the caseof facing this current crisis. Henoted that these efforts have ledto outstanding results and havegreatly contributed to contain-ing the crisis--controlling it andcontinuing to maintain the paceof the local economy while alsoensuring the health and safetyof the Abu Dhabi community.
Meanwhile, Al Balooshishared that 30 percent ofAdded's total number of em-ployees have already been di-rected to gradually return totheir offices. Prior to their re-turn to official duty, Added hascirculated important bulletinsabout occupational health andsafety regulations to be ob-
served to help combat Covid-19.Al Balooshi also praised the
efforts of volunteers whoworked closely with Added'sfield inspection teams, citingthem as outstanding additionsto Added's workforce. He com-mended their support in imple-menting circulars, monitoringmarkets and maintaining thehealth and safety of society aspart of the 'We all volunteer'campaign--an initiative that wasrecently implemented and par-ticipated by the Added Chair-man and senior management.
In regard to the preparationsto gradually return to officework, Al Balooshi stated that allnecessary measures have beenimplemented to prepare the ini-tial phase comprising 30 percent of the workforce that willbe resuming office work. In linewith this, posters detailing im-portant guidelines and re-
minders have been set up foremployees. These posters alsoencourage a new work cultureto help deal with the repercus-sions of Covid-19 and requirefocusing on achieving objectivesaccording to safety and securityrequirements and instructions.
He further stated that em-ployees are being introduced tothe objectives of this new stage,which includes how to deal with a work culture that is completely different from theprevious period.
Added chairman Mohammed Ali Al Shorafa lauded the employees’ efforts, interaction anddedication rendered during the remote work period, which helped reinforce Added's role inleading the emirate's economic agenda, particularly in the case of facing this current crisis
Added Chairman,
Mohammed Ali Al Shorafa,
pointed out that the positive
achievements of Abu Dhabi
government employees can
be attributed to the key
capabilities demonstrated by
human resources, including
their qualifications,
confidence and commitment
to serve the country and
its wise leadership
Omar Sultan Al Olama, Minister of State forArtificial Intelligence
Louvre Abu Dhabi toreopen on June 24
nFor full story, read emirates-business.ae
dnata provides ramp,
passenger and cargo
handling services to more
than 40 airlines in Erbil, Iraq
The projects of students tackle some of crucial issues facing societies while bringing value to communities in Arab world
nFor full story, read emirates-business.ae
Added chairman, Mohammed Ali Al Shorafa, said employees’ success in maintainingthe business continuity is reflected in positive results in addressing the pandemic
T U E S D AY 2 3 J U N E 2 0 2 0
03ENERGY
BloomBerg
Norway is set totighten rules forbuilding wind tur-bines, caving in tomassive protestsfrom locals.
A government pro-posal to slow downthe development ofonshore wind powercomes after increas-ing local resistancemirrors sentiment in other Europeancountries. Norway already decided toscrap a plan for a new permissionframework last year.
Norway, which hasalready developed amassive hydropowernetwork, faces an in-creased need for clean energy for the electrifica-tion of everything from transportation to oilplatforms.
The proposed changes include that permits arevalid for a shorter time before construction starts,height restrictions on turbines and noise require-ments, in addition to local acceptance of the proj-ects. For instance, a turbine cannot be closer to ahouse or cabin than four times the height of theturbines. Norway’s Petroleum and Energy Minis-ter, who presented the white paper with the pro-posed changes, felt the wrath of protesters herself.Only a week ago, Tina Bru experienced beingblocked physically from attending an event on thewest coast while being pummeled with insults, shewrote on her Facebook page.
Although Norway has developed onshore windin the recent years, hydropower is meeting virtu-ally all the nation’s power needs.
Norway set totighten rules forwind turbines
Norway’s
government proposal
to slow down
development of
onshore wind power
comes after increasing
local resistance mirrors
sentiment in other
European countries
Government of DUBaiDUBai CoUrts
CoUrt of Personal statUs
notification by Publicationon Case no. 100/2020/313 Personal status of muslims
appeal subject: Divorce Case for Religion Difference and Payment of
Fees and Expenses
Applicant: honey mae CasPillo hayaG In her capacity as plaintiff
The Party to be Notified: ramil G hayaG In his capacity as defendant
Unknown place of residence
subject:
We would like to inform you that divorce case for religion difference and
payment of fees and expenses was filed against you.
The hearing of this case will be on Wednesday, 08/07/2020 at 08:30 am,
at court room Remote Litigation, Personal Status Court in Al Garhoud.
Therefore, you have to appear before the court or appoint someone
on your behalf to submit your memorandums and documents to the
court at least three days before the hearing.
head of Department
Khamis Bin tameem
(signed and stamped)
the gulf time
Date:23-06-2020
Notification Date: 17/06/2020Notification No: 84233/2020
Government of DUBaiDUBai CoUrts
DUBai CommerCial CoUrt of first instanCe
notifiCation throUGh PUBliCationin case no. 16/2019/3520 Commercial Partial
Case subject: claiming to compel the defendant to pay the amount of (AED494654,76) along with legal interest at 12% as of due date until full payment iscomplete plus fees expenses and attorney charges and the judgement shallbe self-executive without bail.Notifying party: smsa eXPress transPortation llC Capacity in the case: PlaintiffRepresented by: hassan ali matar al reyami Capacity in the case: attorneyNotified party: 1 - nirmal lal teChnoloGies l.l.C Capacity in the case: DefendantAddress: Unknownnotification subject:We hereby notify you that the court has ruled in its hearing held on 15/01/2020in the case mentioned above in favor of SMSA EXPRESS TRANSPORTATION LLC,by compelling the defendant to pay in favor of the plaintiff the amount of AED494,654,76 (four hundred ninety-four thousand six hundred fifty-four and seventy-six fils) together with the legal interest at 9% as of the due date: 10/4/2019 untilfull payment is complete, and has compelled the defendant to expenses andthe amount of five hundred dirhams as attorney charges, and has rejected theremaining requests.Judgment as if in the presence of the defendant, appealable within thirty days,as of the subsequent day to the publication of the present notification.Issued in the name of His Highness Sheikh Mohammed bin Rashid bin Saeed AlNahyan Ruler of Dubai, and was read publically.
head of Circuit /nasser abdullah ai-abdouli/
the gulf time
Date:23-06-2020
Notification date: 11/05/2020Notification No: 67377/2020
Government of DUBaiDUBai CoUrts
notification via publicationin case number 11/2020/517 civil partial
subject matter of the case: claim for obliging the defendants jointly andseverally to pay the amount of (530,662,50 Dhs) Five Hundred And ThirtyThousand, Six Hundred and Sixty-Two Dhs, and Fifty Fils only, with charges,expenses, lawyer fees and interest @ 9% as from due date till full payment, inaddition to making the judgment include urgent execution without bail.Notification descender: sumedha sahni Capacity in the case: plaintiffRepresented by: moaza obaid rabei al Khadar Capacity In the case: attorneyPersons required to be notified:1. vasilia elena Papaleontiou Capacity in the case: defendant2. nadine hany abdul Ghaffar Kehela Capacity in the case: defendant3. tanweer saifudin husain abdulnabee Capacity in the case: defendantWhose addresses are unknown,subject matter of the notification:The abovementioned plaintiff has filed against you the mentioned caseclaiming for obliging the defendants jointly and severally to pay the amount of(530,662,50 Dhs) five hundred and thirty thousand, six hundred and sixty-two Dhs,and fifty fils only, with charges, expenses, lawyer fees and interest @ 9% as fromdue date till full payment, in addition to making the judgment include urgentexecution without bail.The session of thursday being 25/6/2020 at 8:30 a.m. at hall of distance hearingBUILDING_DESC is determined for hearing this case, so you are required to attend thisdetermined session personally or via your legal representative and submit thedocuments or memoranda you have to the court at least three days before the session.
Division head /hamad abdullah ali ahmed/
the gulf time
Date:23-06-2020
Notification date: 18/6/2020Notification number: 85223/2020
Government of DUBaiDUBai CoUrts
DUBai CommerCial CoUrt of first instanCe
Public notice of Judgmentin Case no. 20/2019/706 Plenary, Commercial
merits of the Case: Charging the Defendants jointly and severally to pay the Plaintiff anamount of (AED 11,293,686.31) and interest 12% from the date of 31/01/2019 until the dateof payment and obliging them to pay fees, expenses and attorney's fees.Notifier: UniteD BanK limiteD (Management Office) Capacity in the Case: PlaintiffParties:1- farlin temPers (fZe) Capacity in the Case: Defendant2- farlin enerGy & CommoDities fZe Capacity in the Case: Defendant3- mohammeD faroUQ Capacity in the Case: Defendant4- imran faroUQ Capacity in the Case: Defendant5- farlin temPers Pvt. ltD (singapore) Capacity in the Case: Joined litigantUnknown Residence notice subject:We are notifying you that the Court ruled the in its hearing on 18/03/2020 in theaforementioned Case in favor of UNITED BANK LIMITED (Management Office)first: Accepting the request for Inclusion of the Litigant required to be joined in the Casein form.second: Charging the Defendants and the Joined Litigant jointly and severally amongthemselves to pay the Plaintiff an amount of Eleven Million Two Hundred Ninety ThreeThousand Six Hundred and Sixty-Eight Dirhams and Thirty-One Fils (AED 11,293,686.31) andthe legal interest on this amount at 9% per annum from the date of the claim occurredon 11/04/2019 until full payment and obligated the Defendants and the joined litigantwith fees, expenses of the case and the amount of One Thousand Dirhams as attorney'sfees.The judgement is delivered as if in the presence of the parties and subject to appeal withinthirty days from the day following the publication of this notice.Issued in the name of His Highness Sheikh Mohammed bin Rashid bin Saeed Al maktoum,the ruler of Dubai and read out publicly.
Division head
the gulf time
Date:23-06-2020
Notice Date: 10/06/2020Notice Number: 79717/2020
Government of DUBaiDUBai CoUrts
eXeCUtion CoUrt
notification by Publicationin execution no 207/2020/3325 [Commercial - execution]
subject of execution: Execution of the Judgment rendered in Case No.
2727/ 2019 [Partial - Commercial] for the settlement of the awarded
amount of AED 20269.65 including fees and expenses.
Notifier: Pharmalink Drug store Capacity: execution applicant
Represented by: hassan ali matar al- riyami Capacity: attorney
Party to be Notified: 1- al Deqqa Pharmacy Capacity: respondent
Residence: N/A
subject of notification:
The aforementioned Execution Case was filed against you to oblige you
with paying the awarded amount (AED 20269.65) to the Execution
Applicant or the Court Treasury.
Therefore, the Court will initiate the execution actions against you if you
do not comply with the mentioned Ruling within fifteen [15] days from
the publication date hereof.
head of Division
yacoub mohammed ahmed al-hammadi
the gulf time
Date:23-06-2020
Notification Date: 08-06-2020Notification No.: 78085/ 2020
Government of DUBaiDUBai CoUrts
DUBai CommerCial CoUrt of first instanCe
Judgement service by Publicationin the Case no. 20/2017/1255- Plenary Commercial
Case subject matter: Claim for binding the Defendants jointly to pay (AED15,344,921.70), expenses, costs and attorney's fees, and the interest at the rate of 17%from the due date until the full and final payment, and the judgment to be self-executing immediately without bail.Summons Applicant: Bank saderat iran- main Branch Capacity: PlaintiffRepresented by: salman lutfi ali hussein Capacity: attorneysummoned:1- sameer abbas General trading Capacity: Defendant2- maeda Bekam sayed mehdi marashi Capacity: Defendant3- asaad meraz saleh hakeem Khalili Capacity: Defendant4- sayed mohammed reza abdul majeed mousavi esfahani Capacity: DefendantWith unknown place of residenceservice subject matter:We do hereby notify you that the court has rendered a judgment, at the hearingdated 14/3/2018, in the abovementioned case, in favor of Bank Saderat Iran (MainBranch), as follows:1) Firs: To dismiss the case against the sixth defendant; and2) To bind the Defendants, except the sixth, jointly to pay the Plaintiff Bank an amountof AED 14964489.18 (Fourteen million nine hundred sixty four thousand four hundredeighty nine dirhams and eighteen fils only), plus the legal interest at the rate of 9% perannum, from the claim date on 30/2/2017, until the full and final payment and tocompel the Defendants, except the sixth to pay expenses and one thousand Dirhamsfor the attorney's fees, and to dismiss all other claims.This judgment is as in presence and appealable within thirty days from the date ofthis service.Issued in the name of his Highness Sheikh Mohmmed Bin Rashid Bin Saeed AlMaktoum, ruler of Dubai, and recited in public.
section head: mohammed mubarak Khalfan
the gulf time
Date:23-06-2020
Service date: 21/6/2020 Service No: 2020/86615
the gulf time
Date:23-06-2020
UniteD araB emiratesministry of JUstiCe
request of notification by Publication in the executive lawsuit
notification by Publication to the Defendant
Sharjah Court, Civil Execution Court, Al Zahra Petrochemicals LLC.The main obligor is Al Zahra Petrochemicals LLC, (in their capacityas the guarantor of the debt, subject of the attachment request),is a company subject to liquidation, represented by theLiquidator, Moaz Mohamed (Chartered Accountants), RadwanMohamed Azam Mohamed Azam, Zahara Energy DMCC (in theircapacity as the guarantor of the debt, subject of the attachmentrequest), and Mohamed Azam Omair Jahan.notice of Payment in the lawsuit no. shCeXCiCom2020/0000843Commercial PlenaryTo:the Defendant: al Zahra Petrochemicals llC, the Main Obligor Sharjah, Al Sajaa Industrial Area, behind Al Zaid Street, Office of afenced plot of land, Property No. 3235, Building owned byMohamed Ebeid Moftah Bin Al Rokn Al Shamesi, Mob. 0557868676al Zahra Petrochemicals llC, (in their capacity as the guarantorof the debt, subject of the attachment request), is a companysubject to liquidation, represented by the Liquidator, MoazMohamed (Chartered Accountants).address of the liquidator's office: Dubai, Diera, Bani Yas House(Nasser Yard formerly), Dubai Pearl Building, above JescoSupermarket, floor 15, Office No. 1507, Tel. 022213941radwan mohamed azam mohamed azamDubai, Jumeirah Lake Towers, Mazaya Business Avenue BB2, plotNo. JLTPH2, floor 18, Office 1801, Mob. 0557868676.Zahara energy DmCC (in their capacity as the guarantor of thedebt, subject of the attachment request) Dubai, Jumeirah LakeTowers, Mazaya Business Avenue BB2, plot No. JLTPH2, floor 18,Office 1801, Mob. 0557868676.mohamed azam omair JahanDubai, Bur Dubai, Khalifa Tower, Office No. 1703, 1704 and 1705,owned by Fernbridge Status Limited.Whereas on....., the judgment; copy thereof is attached, wasissued against you and the winning party was the Claimant.Claimant: al Khaliji france s. a. in the lawsuit mentioned above.Whereas the said Claimant had submitted a request to executethe said judgment and paid the fee set for that and whereas thejudgment to be executed is as follows:Total amount, including fees and expenses: 1.0331032E7Therefore, you are assigned to execute what is included in theexecutive document mentioned above, within (period) days asof the date you are notified of this notice.In case of failure to do so, you shall be assigned to attend thehearing dated ...., corresponding to ....., at...., before the saidCourt, otherwise the Court shall apply legally established forcedexecution procedures.
ahmed talaat abd el sadeq mohamedsharjah CourtCivil execution Court (signature)
Date of Issue: 07/06/2020
Government of ras al KhaimahCourts Department
notification of Property sale by Public auctionBy Publication in a newspaper in englishin Case no. 464/2019, ras al Khaimah
Ras Al Khaimah Court of First Instance, Execution Circuit, hereby
declares a sale of property No. (TCO35), Villa No. (865), Al-Hamra area,
Al Jazirah Al Hamra, Plot area is 125 square meters, of which 115 square
meters are built area, to the highest bidder, which is owned by Losing
Party/ AHMED KONGO KHALED HAKIM, on 24/06/2020 at 12:00 pm by
Emirates Auction Company. Note that the deposit value is 20% to be
paid in cash.
Those wishing to participate or review can visit the Emirates Auction
Company Website http://www.emiratesauction.ae and if anyone has
any objection, refer to Execution Circuit during the official working hours
until the mentioned auction session.
executor
saeeD al-shehhi (seal + signature)
the gulf time
Date:23-06-2020
Case No. : 464/2019, ExecutionDate : 18/06/2020
Government of DUBaiDUBai CoUrts
Juridical notice by publishingno. 2961/1/2020
Provided by:
Warner: Union Gas Co — llC
By the power of attorney: shaikha ahmed
Warnee: ashraf arnholy Candy
Warner notifies the warnee to pay an amount of (AED 90379) tothe warner within (5) days from this notice date, otherwise, thewarner will take all legal proceedings against you, additionally,you will be liable to pay all the expenses, fees, attorney fees,delaying interests and the compensation for all damage that willbe incurred due to the delay of payment.
the notary Public: (There is a hand signature) (Stamped by Dubai Court and Notary Public on 22 June 2020)
the gulf time
Date: 23-06-2020
Government of DUBaiDUBai CoUrts
notarial notice via publicationnumber (3759/2020)
the notifier: ate international Building materials llC the notified person: muhammad ashfaq abdul razzaq
subject:
On behalf of the notifier (ATE International Building Materials LLCpresently ) (previously: Arabic Technical Establishment for BuildingMaterials), we direct this letter to you notifying you for the last time andordering you to pay jointly and severally with Royal Housing FZE to payto the notifier the amount of: 372,545,40 Dhs ( three hundred seventytwo thousand, five hundred and forty five Dhs, and forty Fils) that is duefrom you within five days as from date hereof, otherwise we shall haveto take legal procedures against you before competent JudicialAuthorities to protect rights of the notifier and to collect the mentionedsum, moreover we shall hold you responsible for all charges, expenses,legal expenses, lawyer fees, and legal interest.
the notary Public: // a signature appears// // seal of the Notary Public Ali Ahmed Al Mansori appears//
the gulf time
Date: 23-06-2020
Government of DUBaiDUBai CoUrts
Court of Appeal
notification via publication in appeal number: 305/2020/884 commercial appeal
subject matter of appeal: appeal of the judgment issued in the case number3605/2019 commercial partial, with charges, expenses, and fees.
Notification demander: United arab Bank Capacity : appellant
Person required to be notified: mohammed noor allam mohammed.Capacity : appelleeWhose address is unknown,
subject matter of the notification: Whereas the abovementioned appellant has submitted appeal concerningthe resolution/ the judgment issued in the case number: 3605/2019 commercialpartial on: 10/3/2020 The session of Tuesday being 30/6/2020 at 10:00 a.m. at hall of distance hearingis determined for this appeal, therefore you are required to attend thisdetermined session personally or via your legal representative; in case of yourfailure to attend, the trial shall be conducted in your absence.
Division head Abdullah Ahmed Sulaiman
the gulf time
Date: 23-06-2020
Notification date: 14/6/2020
Notification number: 10697/2020
Government of DUBaiDUBai CoUrts
Dubai Court of First Instance Real Estate
summoning by PublicationCase no. 307/2020/18- Property Partial
Case subject: claiming to nullify the IJARA agreement (IJARAMuntahiya Beltamleek) and to compel defendant to surrenderthe property unit of subject lease to the plaintiff bank free fromany obstacles or any other effects in particular to compeldefendant to pay all outstanding amounts due by him in respectwith services fees due to the main developer and ownersassociation of the community in which subject unit is located,also to pay utilities and DEWA charges and any other fees dueagainst the unit until full vacating or actual handing over, toaddress Dubai Land Department to deregister ljarah entry statedwithin ownership certificate and to compel defendant to pay thePlaintiff bank an amount of AED 1,693,508/- (UAE Dirhams OneMillion, Six Hundred Ninety Three Thousand, Five Hundred andEight only) together with any accrued amounts against usufructat AED 84,000 per annum from December 2019 until full vacatingin addition to overdue profits at 9% per annum from date of claimuntil full settlement plus fees, expenses and advocate fees.
applicant of summoning: Emirates Islamic Bank PJSC Capacity: Plaintiff
Party to be summoned: Usman Ahmed Qureshi Muhammad ShakrQureshiCapacity: Defendant Place of residence: Unknown
notice subject: claiming to nullify the IJARA agreement (IJARAMuntahiya Beltamleek) and to compel defendant to surrenderthe property unit of subject lease to the plaintiff bank free fromany obstacles or any other effects in particular to compeldefendant to pay all outstanding amounts due by him in respectwith services fees due to the main developer and ownersassociation of the community in which subject unit is located,also to pay utilities and DEWA charges and any other fees dueagainst the unit until full vacating or actual handing over, toaddress Dubai Land Department to deregister Ijarah entry statedwithin ownership certificate and to compel defendant to pay thePlaintiff bank an amount of AED 1,693,508/- (UAE Dirhams OneMillion, Six Hundred Ninety Three Thousand, Five Hundred andEight only) together with any accrued amounts against usufructat AED 84,000 per annum from December 2019 until full vacatingin addition to overdue profits at 9% per annum from date of claimuntil full settlement plus fees, expenses and advocate fees. Hearing for such case was fixed on Wednesday 1/7/2020, at 8:30am, in chamber of remote litigation; therefore you are obligedto attend personally or by proxy and you may provide the courtwith any documents or supporting papers within three days priorhearing date.
Chief of Department
the gulf time
Date: 23-06-2020
Date: 16/6/2020
Notice No. 83624/2020
Government of DUBaiDUBai CoUrts
Dubai Court of First Instance Real Estate
summoning by PublicationCase no. 359/2020/18- Property Partial
Case subject: claiming to nullify the agreement and to compeldefendant to surrender the property unit of subject lease to theplaintiff bank free from any obstacles or any other effects inparticular to compel defendant to pay all outstanding amountsdue by him in respect with services fees due to the maindeveloper and owners association of the community in whichsubject unit is located, also to pay utilities and DEWA chargesand any other fees due against the unit until full vacating oractual handing over, to address Dubai Land Department toderegister ljarah entry stated within ownership certificate and tocompel defendant to pay the Plaintiff bank an amount of AED1,100,918.66/- (UAE Dirhams One Million, One Hundred Thousand,Nine Hundred and Eighteen & Fills Sixty Six only) together with anyaccrued amounts against usufruct from December 2019 until fullvacating in addition to overdue profits at 9% per annum fromdate of claim until full settlement plus fees, expenses andadvocate fees.
applicant of summoning: Dubai Bank PJSC Capacity: Plaintiff
Party to be summoned: Mirza Jarar Ali Capacity: Defendant Place of residence: Unknown
notice subject: Plaintiff has filed above mentioned lawsuitagainst you subject of which is claiming to nullify the agreementand to compel defendant to surrender the property unit ofsubject lease to the plaintiff bank free from any obstacles or anyother effects in particular to compel defendant to pay alloutstanding amounts due by him in respect with services feesdue to the main developer and owners association of thecommunity in which subject unit is located, also to pay utilitiesand DEWA charges and any other fees due against the unit untilfull vacating or actual handing over, to address Dubai LandDepartment to deregister ljarah entry stated within ownershipcertificate and to compel defendant to pay the Plaintiff bank anamount of AED 1,100,918.66/- (UAE Dirhams One Million, OneHundred Thousand, Nine Hundred and Eighteen & Fills Sixty Sixonly) together with any accrued amounts against usufruct fromDecember 2019 until full vacating in addition to overdue profitsat 9% per annum from date of claim until full settlement plus fees,expenses and advocate fees. Hearing for such case was fixed on Wednesday 8/7/2020, at 8:30am, in chamber of remote litigation; therefore you are obligedto attend personally or by proxy and you may provide the courtwith any documents or supporting papers within three days priorhearing date.
Chief of Department
the gulf time
Date: 23-06-2020
Date: 16/6/2020
Notice No. 83634/2020
invitation to attend the first meeting of theaccounting expert
notified Party “appellee”: muhammad avaisnajam muhammad najm Ul huda
in Case no.: 689/2019 real estate appeal
As we have been assigned by Dubai Court ofAppeal to conduct the accounting expert missionin the above-mentioned case, therefore, we havescheduled this thursday 30/06/2020 at 02:00 pm forthe first meeting of the accounting even. Themeeting shall be held online via -Zoom", therefore,please install the application. Please more thatyour required to appear in person or vi your legalrepresentative in the said meeting along withattaching all the exhibits related to the case.
mashal al Zarooni Chartered account - XlnC memberaccounting expert Dr. mashal abdulla ai Zarooni
the gulf time — Date: 23-06-2020
eXPert meetinG
emirate of aBU DhaBiJUDiCial DePartment
aBU DhaBi CommerCial CoUrt - 1st instanCeCommercial
Date: June 16, 2020
notice of summons to appear before the Commercial Court (1st instance)
Case no. 571/2020 - Commercial - minor - hQ. f. abu Dhabi -C.notification: By PUBliCation
Claimant: al Buhaira national insurance Company PsC (0503232376) Nationality: UaeDefendant: Gulf target transportation and General Contracting est.Nationality: Uae Case Subject: financial claim amounting to aeD 11,063.45 + aeD 2,000 ascompensation + validity and confirmation of precautionary attachment Party to be notified: talal hasami Capacity: -aDDress: Emirate: abu Dhabi City: abu Dhabi island Sector: Area: Street: House No.: Home Telephone: Mobile (1): 0559772666Office Telephone: Mobile (2): notification of Defendant by publication.
You are summoned to appear before the Case management office, abu DhabiCommercial Court of first instance, Commercial Cases management office,ADJD headquarters, on sunday, June 28, 2020, at 08:30 am, either personally orthrough an authorized attorney, and submit a defense brief supported by alldocuments so as to proceed with the preparation of the above mentioned casein your capacity as Defendant.
Case management office / Signed & stamped /
the gulf time
Date: 23-06-2020
the gulf time
Date: 23-06-2020
Government of DUBaiDubai Courts
Judicial Warning by Publication no. 2798/ 2020
Warner: al lamaan trading llC, nationality: UAE Represented by: ali hassan al hammadi
Warnees:1- Classic Plastic Pipes ind. llC, nationality: UAE2- Chathoth Poozhichirayil Uthaman, nationality: India (Theiraddress is unknown)The warner company warns the warnees to urgently paythe amount of AED 156,620,00 (one hundred, fifty sixthousand, six hundred and twenty dirhams only) being thevalue of the checks within a period of five days of receivingthis warning. Otherwise, the warner will be forced to take allthe legal procedures to claim with the said amount inaddition to the interest and compensation.
The notary publicSeal and signature are included
the gulf time
Date: 23-06-2020
Government of DUBaiDubai Courts
legal notice through Publication no. 2654/2020
The Notifying Party santhosh Kunnackal Padmanabhapillai Indian National
By proxy of Advocate / yousef mohammad hassan albahar
The Notified Party: ashok Kumar Gudebenda Bandeere – Indian National
(Unknown Address)
The Notifying Party, hereby, notifies the Notified Party and grants him
five days from receiving this legal notice, to pay to the Notifying Party
sum of AED 111,820 representing the value of the bounced cheques no.
829388 — 829389 — 829390 — 829391 829392 — 829393 — 829394 —
829395 drawn on RAK Bank.
Otherwise, the Notifying Party will be compelled to take the necessary
legal actions before the competent court and initiate a lawsuit to
obtain a decision to order the Notified Party to pay the aforesaid
amount as well as the expenses, fees and interest.
Notary Public
09 June 2020
the gulf time
Date: 23-06-2020
UniteD araB emiratesministry of JUstiCe
sharJah feDeral CoUrt of first instanCeCase manaGement offiCe
sharjah federal Court of first instancenotification by Publication to the two Defendants
in arabic & english languages
To the Two Defendants:1- star PrintinG Press llC2- shaJi oommen varGhesePlaintiff : al BanafsaJ WiDDinG CarDs, owned by Mr. ahmed mohamed salehhashem fikry, Emirati National, No. 2190/ 2020, 2nd Circuit — one dayKindly be informed that:The above stated Plaintiff filed the said Case seeking the following:- To order the Two Defendants to jointly pay to the Plaintiff an amount of AED
16,175.85 ( sixteen thousand and one hundred and seventy five UAE Dirhamsand eighty five Fils ONLY) along with legal interest of 9% per annum from thedate of filing the Case and until payment is made in full; and
- To order the Two Defendants to pay charges, expenses and fees.- So, you are required to appear before the Case Management Office No. 5,
Sharjah Federal Court of First Instance, whether in person or by an authorizedattorney, and submit a memorandum of reply to the above stated Case onWednesday 24/06/2020 at 08:30 am in order to examine the abovementioned case - as Defendants; and incase of your absence all legalproceedings will be taken in absentia
sharjah federal Court of first instanceCase Management Office (There is a signature)There is a seal of Sharjah Federal Court of First Instance, Ministry of Justice, United Arab Emirates
Date :16/06/2020
the gulf time — Date: 23-06-2020
eXPert meetinG
Case no. 11/2020 CommerCial fUll JUrisDiCtion
The Debtor: high Gifts Collection l.l.C, license issuedfrom Department of Economic Development in AbuDhabi with the number (CN-1009442).
In accordance with the decision issued by AbuDhabi Court of First Instance in the above casedated June 15, 2020, which decided to accept theopening of bankruptcy procedures for the abovecompany, and appoint a trustee to do a physicalcounting for the company’s funds required to berestructured, and publish the summary of thedecision in two daily newspapers, one in Arabicand the other in English.
Accordingly, all the creditors of the mentionedabove company are requested to submit theirclaims supported by the supporting documents,and to submit them to the trustee within a periodnot exceeding (20 - twenty) working days from thedate of publication.
For inquiries: Mashal Al Zarooni Chartered Accountants- Office No. 701, Al Khazna Tower, Fatima Bint MubarakStreet, Abu Dhabi, Phone +971 (2) 6799231, Fax: +971(2) 6799351, Email: [email protected].
Restructuring ExpertExpert/ Dr. Mashal Al Zarooni
the gulf time
Date: 23-06-2020
Date of issue: 15/06/2020
UniteD araB emiratesMinistry of Justice
Notification by publication in the Executive Case
notification of the respondent by publication sharjah Court — Civil executive Court notification for payment in Case no.
shCeXCiCom2020/0000031 Commercial (Plenary)
To,The Respondents: 1- al Zahara PetroChemiCal llC, 2- raDWan mohameD aZam, 3-GUlf oil & Gas international fZC, 4. mala renGaraJan, 5- sUBBiah sUBBiah
Whereas, on a judgment was issued against you in favour of the Plaintiff "the executant"National Bank of Fujairah, in the above mentioned case. A copy of the judgment isattached herewith.
And whereas, the Plaintiff has requested to execute the said judgment, and has paid therequired fees for the same, and whereas the judgment needs to be executed is:Payment of a total amount of AED 1373828 including fees and expenses, in addition tothe legal interest of 3% from 16/05/2018 until the full payment of AED 1215200.
Therefore:You are obliged to execute the above mentioned execution deed within (15) days fromthe date of you have been notified by this notification.In the event you failed to do so, the court will proceed with the legal forced executionprocedures against you.
amani saleh ismail Sharjah CourtCivil Execution Court (Signed & Stamped)
the gulf time
Date: 23-06-2020
UniteD araB emiratesMinistry of Justice
notification by PublicationCivil Court of first instance, not applicable to Case no.
shCfiCiCPl2020/0002246, order for Payment
To Defendants
1- shaJi oommen varGhese
2- star PrintinG Press.llC
Upon reviewing on 15/05/2020,
We hereby order the Defendants to jointly pay the Plaintiff an amount
of AED 79115.50 along with interest of 5% annually and expenses as of
the date of filling the Case until full payment.
reem ali
Sharjah Court
Civil Court of First Instance
//Signed//
There is a seal of United Arab Emirates, Ministry of Justice.
the gulf time
Date: 23-06-2020
No.: 2020/84 Civil Appeal
Date: 22/06/2020
Government of ras al KhaimahCourts Department
Government of ras al Khaimah - Courts Department summon by Publication to attend before appeal
Case management office
Appellee / hazza saeed al-Bloushi Appellant / sabir Dad Kamal sheikh
Has filed against you the appeal case No. 2020/84 Civil Appeal - Ras Al
Khaimah , so you are requested to attend before Case Management
on Sunday, corresponding to 28/06/2020 at Nine o'clock in the morning
or send a representative from your side in the specified time to reply on
the appeal and to submit whatever you have of documents and
defenses, in case of your not attended or send a representative from
you side in the above mentioned date the case office will proceed to
consider the case against you in absentia.
Head of Case Management
mohammed taninah
(Signed)
[Stamped RAK Court of Appeal - Appeal Case Management Office]
t u e s d ay 2 3 J u N e 2 0 2 0
04 OPINION
The gulf Time
Chairman of ThE board
Saeed Saif
Tel: 02-4468000, Fax: 02-4485401Website: www.emirates-business.ae
Email: [email protected], [email protected],[email protected]
Printed at: al Wathba Printing Press
Covid-19 crisis requires action by central banks
other opinion
Empty supermarket shelves inthe early stages of the coron-avirus pandemic have put
grow-your-own back on the world’sagenda, and nowhere more so thanin China, where ensuring food sup-plies for its huge population hasbeen a political priority for decades.Simply diversifying imports maynot satisfy hawkish voices. Empha-sizing domestic production, though,will extract a heavy toll for a coun-try with a fifth of the globe’s people,but roughly a 10th of arable landand less than 6% of water re-sources.
For a nation scarred by famine,it’s hard to overstate the importanceof food security. That was true longbefore 1994, when US environmen-tal pioneer Lester Brown drew in-ternational attention to thepotential consequences of scarcitiesby asking who would feed Chinawhen it boomed. Officials fear infla-tion as a potential cause of socialand political instability — not with-out reason, given that rising priceshelped provoke the TiananmenSquare protests. Agricultural im-ports, of course, have a tendency tobecome tangled in diplomatic spats.
The answer was historically asimple one: self-sufficiency, partic-ularly in grains like wheat, rice andcorn. The idea has been hard toshake, even if the exact meaning ofthe phrase has softened over theyears. Then came the 2020 pan-demic, pressing everyone to fretabout messy distribution chains.Officials freshened up plans and,projecting an image of self-reliance,Premier Li Keqiang told China’sparliament last month that it wasimperative to ensure food supply,while rewarding grain-producing
counties and boosting the mini-mum purchase price for rice.
That doesn’t mean the countrycan simply set the clock back to1996, when China outlined a strictgrain self-sufficiency policy — orthat it plans to. In part, what Chinais doing now is a regular rebalanc-ing of the official position, saysThomas David DuBois at BeijingNormal University. A back-to-the-future move would be nigh-impos-sible. China has become a memberof the World Trade Organization.Households eat larger portions andtuck into more protein, increasingdemand for grain to feed livestock.Imports of produce have climbed.While China has rice and wheat, itrelies on overseas markets like theUS, Brazil and Argentina for soy-beans. It has also sought to increasemeat imports. Agricultural pur-chases have been key to a tradetruce with Washington.
Certainly, the cost of past domes-tic ambitions has already been ex-tortionate. In environmental terms,the damage has meant fertilisersused at four times the global rate,degraded soil and scarce water.Then there’s the financial blow: Ac-cording to the World Bank, inputsubsidies rose sevenfold between2006 and 2010. By that final year,government support for producersamounted to 17% of gross farm re-ceipts. This rising bill, along withother changes, including growinginternational clout, accounts forBeijing’s more balanced approachafter late 2013, when policy beganto lean towards imports, sustain-ability, investing abroad and mod-ernising at home.
—Bloomberg
China faces a rice bowldilemma after virus
The Covid crisis has required strong and prompt action by central banksconsistent with their mandates. In March, disorderly conditionsreached the core financial markets, posing a very real threat to the sta-
bility of the financial system — by far the most serious threat since the globalfinancial crisis. Underlying this disorder in markets was an economic down-turn almost unprecedented in both its scale and pace.
The response has included a major program of asset purchases and lend-ing by central banks, with a corresponding growth of balance sheets. Thishas been the right thing to do to reduce borrowing costs, boost cash flowsand more broadly support economies, and it has shown how essential it isto have truly independent central bankers. But the financial system mustn’tbecome reliant on these extraordinary levels of reserves.
Central banks have been able to meet their objectives of monetary and fi-nancial stability, and support the well-being of citizens, through the crisis sofar by performing two vital functions in recent months.
First, they’ve helped counteract the economic and market turmoil. Amongother consequences, the Covid crisis could have led to the emergence of riskpremiums in financial markets, which would have elevated the cost of bor-rowing well beyond levels consistent with the monetary and financial sta-bility goals of central banks. The fact that the predominant borrowers in thisemergency are governments — reflecting the essential role of the state insuch a crisis — makes no difference to the underlying economics or the im-portance of keeping borrowing costs in line with objectives. And it’s worthremembering that the reform of the financial system since the last crisis hasmeant that banks are in a position to support households and companiesthrough this emergency, acting to absorb the shock rather than amplify it.
Second, central banks have acted as a buffer to underpin the functioningof financial markets, by enabling the creation of reserves to meet surges indemand for high-quality liquid assets in stressed conditions. Absent this, wemay well have seen a spiraling in disorderly market conditions.
As our economies start to reopen, there are three crucial issues for centralbanks that have become apparent during the pandemic.
The first is institutional. Effective economic policy requires well-definedand strong institutions, which are transparent and accountable. Independentcentral banks are an important part of this institutional structure. Far fromcalling into question or suspending that independence, this episode hascalled for a response from central banks that’s only possible because theirindependence gives them the freedom to operate. As a result, they’ve madebig decisions and implemented them rapidly in the face of an unparalleledcrisis, coordinating with governments to maximise policy effectiveness. Thiscapacity to act must be reinforced and not mistakenly called into question.
Second is the role of the central bank balance sheet. Central banks de-ployed a range of balance sheet tools at pace and scale as the crisis devel-oped. Reserves — the deposits held at central banks — are the ultimateliquid assets. By acting as a buffer to meet the demand for greater liquidityin the face of a loss of economic confidence, as well as transmitting decisionson monetary policy, reserves can help prevent a problem of liquidity in mar-kets becoming one of solvency in the wider economy.
But the role of central bank reserves shouldn’t always be taken for granted.Rather than having to keep relying on central bank support for all aspects ofthe financial system, we need a robust assessment of the latter’s weaknesses.
—Bloomberg
Wirecard and allure of lots of cash
Like all good financialaphorisms, the notionthat “profit is an opin-
ion, while cash is a fact”contains a kernel of truth.It’s certainly a lot easier forcompanies to massagequarterly earnings than itis to lose track of howmuch cash they have in thebank. Ultimately, investorsuse projected cash flows todetermine what a businessis worth today, so it’s cer-tainly worth paying atten-tion to.
Yet the implosion of Ger-man electronic-paymentsprocessor Wirecard AGshows once again that it’sunwise to rely too much ona company’s cash positionwhen evaluating an invest-ment. Doing so can causeinvestors to overlook moretroubling signs.
When Wirecard last pub-lished audited results inSeptember, it boasted of 2.3 billion euros ($2.6 bil-lion) of net cash and saidfree cash flow had jumped60% to more than 410 mil-lion euros for the first ninemonths of 2019. That wasdoubtless of considerable
to relief to the investorswho’d read articles in theFinancial Times accusingthe company of fraudu-lently inflating its sales andprofits. Wirecard’s finan-cial results were backed bycash that auditors Ernst &Young had verified, so whatwas the problem?
However, 1.9 billioneuros of that cash has gonemissing, according to thestatement Wirecard pro-vided when its long-de-layed annual report wassupposed to be published.The shortfall could imperilthe survival of a companythat was worth 24 billioneuros at its share-pricepeak in 2018. Until re-
cently, Wirecard’s debt wasinvestment-grade rated byMoody’s and most analystshad a buy rating. Since thebombshell disclosure, how-ever, the stock has lostthree-quarters of its value.
To be clear, we don’t yetknow whether Wirecard’scash was stolen or whethersome of it didn’t exist in thefirst place. The company’schief executive officer,Markus Braun, said onThursday that it may havebeen the victim of a mas-sive fraud — you can watchthe presentation here. He’dresigned with immediateeffect last week. One of thebig questions is: Why didBavaria-based Wirecard
choose to park so muchcash in the Philippines?
A special audit by KPMG,whose findings were pub-lished in April, had alreadyraised doubts about howthe company accounted forits cash. Among the dis-turbing findings — glossedover by Wirecard in its ownflattering summary of the accounting firm’s re-port — was that about 1billion euros of depositsprocessed by third parties,and held in trust or escrowaccounts, were insuffi-ciently documented duringthe 2016-2018 period.They couldn’t therefore beverified.
—Bloomberg
Markus Braun, CEO of Wirecard, attends the financial press conference of the
payment service provider in Aschheim, Bavaria —DPA
ChriS BryaNt
When Wirecard lastpublished audited
results in September, itboasted of 2.3 billioneuros of net cash and
said free cash flow hadjumped 60% to morethan 410 million euros
for the first ninemonths of 2019
The company says 1.9 billion euros of net cash has gone missing
Japan’s corporate cultureis stuck in a bad place.But the coronavirus pan-
demic might have given itjust the nudge it needs to getout of the trap.
From the 1960s throughthe 1980s, the country devel-oped a corporate system thatworked well. Managers,rather than shareholders,controlled companies, allow-ing long-term planning andinvestment, keeping employ-ment levels high and fostering economic equality.Workers were hired with thepresumption that they wouldbe at one company for theirentire career, which gavetheir employer an incentiveto spend lots of resourcestraining them. And everyoneworked very long hours.
Since the 1990s, that sys-tem has been under strain.Powerful elderly seniormanagers, promoted upthrough the ranks, haveoften proven unwilling orunable to shift businessmodels or organisationalstructures in response tochanges in technology, con-sumer demand and trade.Long hours left workers ex-hausted and made it hard forthem to take care of theirchildren. Managers used tofocussing on how manyhours workers sat at theirdesks are often unable orunwilling to examine howmuch work is actually get-ting done. Lifetime employ-ment became a trap;workers were unable toswitch employers, reducingthe flow of knowledge and
expertise between compa-nies and stifling mobility forambitious young people.And clubby workplace male-bonding culture created ahuge barrier to genderequality.
The Japanese governmentis aware of the problem, andhas been attacking it in vari-ous ways — discouraginglong hours, pushing compa-nies to shift to a share-holder-value business modeland encouraging genderequality. But while someprogress has been made oncorporate governance andhiring of women, the en-trenched culture of long, un-productive work hours andmanagement models fo-cused on maximising inputsrather than outputs, hasproven very tough to crack.It’s easy to tell people to gohome earlier, but thatdoesn’t automatically teachmanagers how to evaluateproductivity.
But the shock of coron-avirus may provide corpo-rate Japan with just thesolution it needs. Japan was-n’t hit very hard by the virus,for reasons still poorly un-derstood. But the countrydid implement some socialdistancing measures in Apriland early May, and one ofthese was to encourage com-panies to let employeeswork from home part of thetime. Many needed no prod-ding. For example, Dentsu,an advertising company fa-mous for working an em-ployee to death in 2017, had5,000 workers go remoteafter one got infected.
Japanese companies thatproduce laptops and othertools for remote work haveseen orders surge, whilecompanies that create tele-working software are doingbrisk business.
Working from home can
encourage a culture of pro-ductivity in several ways.First, it can push managersto measure work not by thenumber of hours an em-ployee logs in a chair, but bythe number of discrete tasksthat the worker completes ina given time. That in turn en-courages managers to thinkcarefully about which objec-tives are actually important,in order to assign the tasks.Second, working from homepushes workers to thinkabout how they spend theirtime. At home, there’s oftenthe option of doing house-work or child care, forcingworkers to budget theirtime-on-task. This flexibilityhas the added benefit ofmaking it easier for parentsto take care of kids whileholding down full-time jobs,which might help increasethe country’s chronically lowfertility rate. Finally, workingfrom home saves on com-muting time.
That’s the theory, anyway.So far, the results are encour-aging — at least, anecdotally.After GMO Internet sent itsworkers home earlier thanother companies, its chief ex-ecutive officer was sopleased by the results that hefound himself questioningthe need for an office at all.More than 60% of Japaneseworkers say they want tocontinue working fromhome after the pandemic haspassed, and several big elec-tronics companies and finan-cial companies have declaredthat some remote work willcontinue for the foreseeablefuture. The country’s biggestbusiness organisation, Kei-danren, suggested that tele-work policies should bemade permanent.
The shift isn't going to beeasy for Japan. It will takesome time for workers andmanagers to learn to adapt
to the new output-orientedstyle of work; it’s no surprisethat a substantial percentageof Japanese workers say thatworking from home has re-duced their efficiency. Butthe long-term benefits arelikely to exceed the short-term costs.
The Japanese govern-ment, as well as organisa-tions like Keidanren, canhelp ease the transition. Onestep is to disseminate infor-mation about software andhardware tools that facilitatevideoconferencing, data se-curity and other essential el-ements of remote work.
Tax breaks for companieswith remote-work optionsare another possibility. Andbig media organisationssuch as national broadcasterNHK can air educational pro-grams and documentarieshelping people understandand embrace the shift to re-mote work, or even enter-tainment programs showingremote work as a socialnorm.
—Bloomberg
Noah Smith is a Bloomberg Opinion
columnist. He was an assistant profes-
sor of finance at Stony Brook Univer-
sity, and he blogs at Noahpinion
People walk along the streets while wearing face masks as a preventive measure against coronavirus, after the Japanese
authorities lifted the state of emergency in many prefectures in Tokyo, Japan, on June 02 —DPA
Japan’s work culturegets a Covid-19 shockThe shift isn’t going to be easy for the nation. It will take some time for
workers to learn to adapt to the new output-oriented style of work
Noah Smith
From the 1960s throughthe 1980s, the countrydeveloped a corporatesystem that worked
well. Managers, ratherthan shareholders,
controlled companies,allowing long-term
planning andinvestment, keepingemployment levels high and fosteringeconomic equality
Since the 1990s, thecorporate system has
been under strain.Powerful elderly senior
managers, promoted upthrough the ranks, haveoften proven unwilling
or unable to shiftbusiness models or
organisational structuresin response to changesin technology, consumer
demand and trade
BloomBerg
France plans to ban commercialair travel on the country’s short-est domestic routes in a bid toprevent low-cost carriers pick-ing up links Air France is beingforced to abandon as part of theterms of a bailout package.
“If we are asking things of AirFrance, it’s not so that low-costcompanies can come along andstart their own service,” FrenchEnvironment Minister ElisabethBorne said on Monday on RMCradio. Ryanair Holdings Plc andEasyJet Plc already operate serv-ices in France.
The minister’s commentshighlight the potential ripple ef-fects of environmental strings at-tached to the bailout of AirFrance-KLM, which could re-shape domestic air travel. Thepolicies would put France in thesame camp as Austria, which hasalso placed constraints on short-haul air travel as part of a state-funding plan for the local unit ofDeutsche Lufthansa AG.
“We have asked Air France toaccelerate its environmentaltransition,” Borne said, addingthat this includes a “drastic re-duction” in the number of flights
where there is an alternative raillink of less than 2 1/2 hours.
Air France-KLM received $7.9billion in loans and guaranteesfrom the French government inexchange for agreeing to curbdomestic flights by 40%. While
this would include pulling someshort-haul flights that operatethrough Orly airport, the com-pany is expected to be able tokeep services through its Paris-Charles de Gaulle hub that feedinto long-haul destinations.
Citing figures from the ClimateAction Network, GreenpeaceFrance has said the measuresaren’t ambitious enough be-cause they would cut carbonemissions by just 6.6%.
Borne said she favours follow-ing Austria, which has proposedimposing rules on plane-ticketprices, calling 1-euro and even15-euro tickets “shocking” andsaying she backs “in principle”minimum prices.
France takes aim at low-costcarriers with short routes banAir France-KLM received $7.9b in bailout from governmentin exchange for agreeing to curb domestic flights by 40%
French environment minister’s comments highlight the potential ripple effects of environmentalstrings attached to the bailout of Air France-KLM, which could reshape domestic air travel
Final Virgin Australia bidskey test for ailing airlines
Virgin AustrAliA collapsed in April under $4.7bn of debt after the government declined to step in
BloomBerg
The final bids for Virgin Aus-tralia Holdings Ltd will showhow much appetite private in-vestors really have for an airlineindustry that’s been battered bythe coronavirus pandemic.
Private equity firms Bain Cap-ital LP and Cyrus Capital Part-ners LP made final and bindingoffers for the airline on Monday,administrator Deloitte said in astatement. The Australian car-rier collapsed in April underA$6.8 billion ($4.7 billion) ofdebt after the government de-clined to step in.
Deloitte, which aims to securea deal by the end of June, didn’tdisclose the value of either pro-posal. It received interest in theairline from more than 20 suit-ors before most of them fellaway.
The auction of the second-largest airline in Australia, amarket dominated by QantasAirways Ltd, is a key moment foran industry facing more than$84 billion of losses worldwidethis year because of Covid-19and related travel restrictions.
Until now, carriers have beenkept on life support largely withstate-backed loans and bailoutsof at least $123 billion.
Whoever wins the bid, VirginAustralia’s prospects are uncer-tain and business travel likelywill be curtailed for years, saidWarren Staples, a senior lec-turer in management at RMITUniversity in Melbourne. “Theremight be a gap between whatthey pitch and the reality ofwhat happens,” Staples said.
Deloitte said Cyrus and Bainenvisaged operating a “smaller,single-branded domestic andshort-haul international airlinethat also has growth potential.”Both bidders have received approval from Australia’s For-eign Investment Review Board,Deloitte said. Spokespeople forCyrus and Bain declined to com-ment before Deloitte’s statement.
Cyrus promised to keep
the airline’s headquarters inQueensland, according to peoplefamiliar with the matter who de-clined to be identified becausedetails of the bid haven’t beenmade public. That pledge fol-lowed lobbying by Australianstates including New SouthWales and Victoria for prospec-tive buyers to relocate the busi-ness, which had about 10,000
workers before the pandemicstruck.
Virgin Australia lost moneyfor seven consecutive years be-fore it finally succumbed to anear-halt in revenue. New Man-aging Director Paul Scurrah’splan to cut costs, simplify thefleet and lighten the debt bur-den was quickly overwhelmedby the outbreak.
Virgin Australia planes parked on the tarmac at Adelaide Airport in Adelaide, Australia, on April 21. The airline has gone into voluntaryadministration —DPA
Private equity firms Bain Capital LP and Cyrus Capital Partners LP made finaland binding offers for the carrier, administrator Deloitte said in a statement
BloomBerg
American Airlines Group Incbraced its balance sheet with$3.5 billion in new financing, diverging from its recent re-liance on federal aid as thecoronavirus pandemic sup-presses travel demand.
The carrier is selling $750 mil-lion of shares and the sameamount of senior convertiblenotes due in 2025, Americansaid in a statement, confirmingan earlier Bloomberg Newsreport. In addition, the carrierwill offer $1.5 billion in senior secured notes and said it willenter into a $500 million termloan facility.
American’s actions show the
broad range of tools airlines areusing to bolster balance sheetsamid a hesitant return to flyingthat for now is led largely byleisure travellers anxious to es-cape months of confinement.While carriers have resumedsome of the domestic flightsslashed when the virus hurttravel demand in late March, afull recovery is expected to takeyears. The largest US carrierscontinue to burn through asmuch as $45 million daily as de-mand sags.
With the equity offering, FortWorth, Texas-based Americanjoins Southwest Airlines Co,which raised about $4 billionwith an April sale of 70 millionshares and $2 billion in convert-
ible notes due in 2025. UnitedAirlines Holdings Inc raisedmore than $1 billion in the in-dustry’s first share sale duringthe coronavirus crisis.
Goldman Sachs, Citigroup,
BofA Securities and JPMorganare jointly running the stock andnotes offerings for American.The carrier used a pool of slots,gates and routes in various coun-tries, including the US, China,
Japan, Australia and SouthAmerica as collateral for thebonds and term loan.
The junk bonds were said tocarry a yield of 11% in discus-sions last week ahead of the of-
fering, Bloomberg News reportedon June 19. Final terms are sub-ject to market conditions andother factors, American said.Part of the proceeds from the of-fering and loan will be used torefinance a $1 billion, 364-day fi-nancing the airline took out onMarch 18. The new $500 millionloan, which will close with thebond offering, is due in 2024.
American will grant under-writers up to $112.5 millionworth of additional shares andthe same amount in added con-vertible notes depending on de-mand, the carrier said.
Carriers are pulling out all thestops to make sure they’re posi-tioned for a fundamental changein their business.
American braces balance sheet with $3.5b in financingThe carrier is selling $750 million of shares and the same amount of senior convertible notes due in 2025
Airports lAunch nEw hEAlth mEAsurEs in spAin
Passengers wearing face masks walk through Madrid-Barajas Adolfo Suarez Airport in Madrid, Spain —DPA
Bed Bath & Beyond to sell Christmas TreeBloomBerg
Bed Bath & Beyond Inc is look-ing to sell its Christmas TreeShops and Cost Plus World Mar-ket chains, according to peoplefamiliar with the matter, part ofan ongoing makeover of thehome-goods company. The peo-ple declined to be identified be-cause the process isn’t public.
Activist investors pressuredthe company to oust Chief Exec-
utive Officer Steven Temares lastyear, part of an overhaul to re-verse flagging sales amid compe-tition from discount chains andonline merchants. Since then, thecompany has replaced its man-agement team, including the ap-pointment of former top TargetCorp executive Mark Tritton, cutits workforce and said it wouldconsider asset sales.
A Bed Bath & Beyondspokesman declined to com-
ment. The company said lastyear it would review its portfolioof brands. It announced the saleof its One Kings Lane homedecor brand and Personaliza-tionMall.com, along with a $250million sale-leaseback deal, thisyear.
Bed Bath & Beyond boughtChristmas Tree, the Cape Cod,Massachusetts-based knick-knack and housewares chain, in 2003.
t u e s d ay 2 3 j u n e 2 0 2 0
05retail/aViatiON
n Whoever wins the bid, Virgin Australia’s prospects areuncertain and business travel likely will be curtailed foryears, said Warren Staples, a senior lecturer inmanagement at RMIT University in Melbourne
n Virgin Australia lost money for seven consecutive yearsbefore it finally succumbed to a near-halt in revenue.New Managing Director Paul Scurrah’s plan to cut costs,simplify the fleet and lighten the debt burden wasquickly overwhelmed by the outbreak
This file photo shows China Eastern Airlines airplanes on the tarmac of the BeijingInternational Airport
BloomBerg
US officials rejected additionalflights proposed by Chineseairlines but said they wouldreconsider if the Beijing gov-ernment adjusts its policies af-fecting American passengercarriers.
In a statement, the Trans-portation Department said itdisapproved service schedulessubmitted by four China-basedcarriers that currently are al-lowed to make four combinedflights to the US each week,plus additional proposals sub-mitted by three other Chinesecarriers. Shares of three China-based airlines fell in Hong Kongtrading on Monday.
The department said the action was “effectively an ad-ministrative action designed to maintain the parity inscheduled passenger servicesbetween US and Chinese carriers” that it announcedearlier.
American officials have re-layed to their counterparts inBeijing that the move is a “pro-cedural matter only and that itshould not be viewed as an es-calation on our part,” theTransportation Departmentsaid.
The department added thatit “continues to indicate ourwillingness to revisit our ac-tion should the Chinese avia-tion authorities adjust theirpolicies to bring about the
necessary improved situationfor US carriers in which boththey and the Chinese carrierscould fully exercise their bilat-eral rights.”
Representatives from theCivil Aviation Administrationof China and three of the car-riers currently operatingscheduled passenger servicesto the US — Air China Ltd,China Southern Airlines Coand China Eastern AirlinesCorp — didn’t immediately re-spond to requests for com-ment. A representative forXiamen Airlines Co, which op-erates a weekly round-tripflight from the southeast Chi-nese city to Los Angeles, de-clined to comment.
China Southern’s shares de-clined 3.8% in Hong Kong onMonday, while China Easterndropped 3.1% and Air China2.2%.
US rejects Chineseairlines’ request foradditional flights
This file photo shows American Airlines passenger planes preparing for takeoff at BostonLogan International Airport in Boston, Massachusetts, USA
In a statement, the USTransportation Departmentsaid it disapproved service
schedules submitted byfour China-based carriers
that currently are allowed to make four
combined flights to the USeach week, plus additional
proposals submitted bythree other Chinese carriers
American Airlines’sactions show the broad
range of tools airlines areusing to bolster
balance sheets amid ahesitant return to flying
that for now is led largelyby leisure travellersanxious to escape
months of confinement
The auction of Australia’ssecond-largest airline
Virgin Australia, a marketdominated by Qantas
Airways, is a key momentfor an industry facing morethan $84 billion of losses
worldwide this yearbecause of Covid-19 andrelated travel restrictions
If we are askingthings of Air France,
it’s not so that low-costcompanies can comealong and start their ownservice
Elisabeth Borne, French Environment Minister
Putin signals he may run for5th presidential term in 2024
Vladimir Putin’s main goal is to avoid becoming a “lame duck” in the final years of his current mandate
“It’s necessary to work, not look for successors,” said the Russian president BloomBerg
Vladimir Putin said he’ll con-sider running for a fifth presi-dential term in 2024, arguingthat the hunt for any successorrisks paralysing Russia’s gov-ernment as the next electionnears.
“I don’t rule out such a possi-bility,” if the necessary amend-ment to the constitution isapproved, Putin said in aRossiya 1 television documen-tary broadcast. “I haven’t madeup my mind yet.”
On July 1, Russians will voteon the most sweeping changesto the nation’s constitutionsince it was adopted almost 30years ago. One of the amend-ments would allow Putin, 67, toreset his term limit to zero eventhough he’s already served four,and to helm the country for twomore six-year terms when hiscurrent one expires in 2024. Inpower since 2000, Putin is al-ready the longest-servingKremlin leader since JosefStalin.
Without that amendment,“I can tell you from my own ex-perience that in about twoyears, instead of the regularrhythmic work on many levelsof government, you’d have eyesshifting around hunting for pos-sible successors,” Putin said.“It’s necessary to work, not lookfor successors.”
A top ally of the Russian pres-ident, Andrei Klishas, a seniorlawmaker who helped to steerthe constitutional overhaul, saidthat Russians should stop think-ing about who will rule after
Putin leaves office.“They should get used to the
idea that everything will remainthe same, that the president canbe re-elected if people supportthese changes to the Constitu-tion,” Klishas said in an inter-view with RBC newspaperpublished on Monday. “Thisamendment allows us to putaside the issue of successors,transfer of power and so on.”
Putin’s spokesman, DmitryPeskov, on Monday denied thepresident’s comment meantthe political system he builtwas incapable of functioning inthe event of a change of leader-ship. But he said speculationover potential successors “is acharacteristic of our national bureaucracy.”
For the moment, Putin’s maingoal is to avoid becoming a“lame duck” in the final years of his current mandate, saidLeonid Davydov, a political ana-lyst at the Foundation for Civil Society Development inMoscow. But there is “littledoubt” that the Russian presi-dent will choose to run again forelection, he said.
In the same state-TV inter-view, Putin also harshly criti-
cised neighbouring states forabsorbing “traditional Russianhistoric territories” on inde-pendence in 1991 that they hadacquired during the existence ofthe Soviet Union.
These states should have “leftwith what they arrived, ratherthan taking with them presentsfrom the Russian people,” hesaid.
Russia, which annexedCrimea in 2014 from Ukraine,restoring control over thepeninsula that had been Russ-ian until 1954, doesn’t have anyterritorial claims on its neigh-bours, Peskov told reporters onMonday on a conference call, inresponse to a question aboutthis comment.
Russian President Vladimir Putin lights a candle during a celebration marking the 79th
anniversary of the start of World War II in Kubinka, Russia, on June 22 —DPA
Trump rally faces reckoning after falling short in Tulsa
BloomBerg
President Donald Trump hadlooked to his first rally in threemonths as a reset for his cam-paign. Instead, the sparsely attended event in Tulsa, Okla-homa is stirring fresh questionsabout both his strategy and thedirection of his re-election bid.
The most evident shortfallfrom the rally was attendance,far smaller than the overflowcrowd that the president andcampaign officials had prom-ised. Yet, more significantly, inhis return to the rally stageTrump struggled to escape thecoronavirus pandemic andprotests over police brutality,crises that are making it harderfor him to focus his argumentson his Democratic opponent Joe Biden.
With the president trailingBiden in national polls and reel-ing from having failed to deliverhis Tulsa rally as promised, theTrump campaign will face newpressure to deliver the boostneeded to get his bid for a sec-ond term back on track. Trumpplans to travel to two battle-ground states this week for
speeches — Arizona on Tues-day and Wisconsin — but hiscampaign hasn’t yet announcedanother large-scale rally.
“Every campaign always hasthe challenge of how many an-nouncements can you make,how many reboots can youhave, official starts, unofficialstarts and this campaign is nodifferent,” said Charlie Gerow, a Republican strategist. “TheTrump campaign maybe over-sold” the Tulsa rally, he said.“These things are about expec-tations, and they set them high.”
The coronavirus pandemichas ruined Trump’s best argu-ment for another term — thestrength of the US economy,now plunged into recession bylockdowns imposed to curb theoutbreak. The Tulsa event hadbeen planned, at least in part, tolift the president’s own moraleafter broad criticism for his re-sponse to the pandemic and thenationwide protests, accordingto officials familiar with thecampaign.
The closest scrutiny may fallon Trump’s campaign managerBrad Parscale, who had tweetedin the run-up to Tulsa that there
were more than 1 million ticketrequests for the rally. Trump re-peated that metric in a Fox Newsinterview, saying it signaled “ahunger for the rallies.” But aspokesman for Tulsa’s fire de-partment said fewer than 6,200people were in the arena, farfewer than the arena’s 19,000-seat capacity.
The campaign blamed pro-testers, claiming they had
blocked Trump supporters frompassing through security check-points. That claim could not beverified, and Tulsa police de-scribed the demonstrations aslargely peaceful.
Earlier this month, Parscalewas called to the White Housealong with other top politicaladvisers, as Trump’s standingslipped in key battlegroundstates. Before joining Trump’s
2016 run for the White House,Parscale’s only previous politi-cal experience had been creat-ing a website for a candidaterunning for tax assessor ofBexar County, Texas, who ulti-mately lost.
In the wake of the rally, topcampaign officials played up theattention it brought. “As of Sun-day morning, more than 8.3 mil-lion people had watched thePresident’s rally online, whichdoesn’t even count televisionviewership,” said Tim Mur-taugh, a Trump campaignspokesman. “This is an enor-mous audience that Joe Bidencouldn’t even begin to dream of
from his basement, and we areeager to continue to highlightthe enthusiasm gap.”
Trump’s campaign has madepersonnel changes, bringingback Jason Miller, who directedcommunications during the lastcampaign. Last month, BillStepien, who had been a seniorpolitical adviser and 2016staffer, was named deputy cam-paign manager. StephanieAlexander became chief of staffafter serving as Trump’s battle-ground state director in 2016.
And Trump is also trying tosow doubts about how the elec-tion will play out, slamming ef-forts to expand vote by mail asrife for fraud. He tweeted that itwill lead to foreign interference.
Gerow and other Republicanstrategists, said the Tulsa crowdsize could play to Biden’s advan-tage, in part because of howmuch Parscale raised expecta-tions. Biden’s campaign quicklyseized on the attendance as ev-idence that Trump’s presidencyis in a “tailspin,” due to his han-dling of coronavirus and theprotests in the wake of GeorgeFloyd’s death at the hands ofMinneapolis police.
Most evident shortfall from the rally was attendance, far smaller than the crowd that the president had promised
US President Donald Trump speaks to his supporters during his campaign rally in Tulsa,
US, on June 20 —DPA
BloomBerg
Kenya’s ruling party replaced akey parliamentary official onMonday, the latest in a series ofleadership changes that havestrengthened President UhuruKenyatta‘s hold on power andweakened his deputy, WilliamRuto.
Amos Kimunya, a former fi-nance minister, will replaceAden Duale as the JubileeParty’s majority leader in theNational Assembly, Secretary-General Raphael Tuju said in atext message on Monday. Duale,who has held the post since2013, is seen as a key ally ofRuto, who has ambitions of suc-ceeding Kenyatta when his sec-ond term ends in 2022.
Kenyatta and Ruto joinedforces under the Jubilee bannerin 2013 — six years after a dis-pute between them over theoutcome of a 2007 election descended into violence.
Their relationship has grownincreasingly fractious as thepresident struck alliances with
opposition leaders who are alsoconsidered possible presiden-tial contenders.
Kenyatta is in the process ofbuilding a coalition ahead of the2022 vote, and Ruto is being
marginalised and his ability toraise campaign funding stymiedbecause he doesn’t fit into thesuccession plans, according toNic Cheeseman, professor ofdemocracy and international
development at the Universityof Birmingham in the UK.
The decision to returnKimunya to a senior post 12years after he was forced fromoffice by corruption allegations“shows how much damage fac-tional politics does to the qual-ity of government,” Cheesemansaid.
Agriculture Minister MwangiKiunjuri and Sports MinisterRashid Echesa are among almost two dozen other politi-cians and officials that are seen as close to Ruto and havelost their jobs over recentmonths. The Senate majorityleader and chief whip, as wellas house committee chairs andtheir deputies, have also beenreplaced.
Kenyatta is pushing for a ref-erendum on constitutionalchanges that could alter the waythe nation is governed. He isbarred from seeking a thirdpresidential term and the over-haul could pave the way for himto take on another powerfulrole.
BloomBerg
Nigerian doctors suspended anationwide strike to continuetalks with the government overa lack of protective equipmentneeded to treat Covid-19 pa-tients and other benefits.
The medical officers decidedto return to work after an inter-vention from government offi-cials, the Nigerian Associationof Resident Doctors said inemailed statement on Monday.
The group will “continue ne-gotiations with stakeholdersand progress made shall be re-viewed in four weeks,” theysaid.
Nigeria’s Minister of Informa-tion Lai Mohammed has calledthe action of the body “a setbackfor the nation’s effort” to fightCovid-19. He accused the groupof betraying the nation and theirprofessional oath by denyingpeople medical care during apublic health emergency.
“This is not right and it clearlynegates the Hippocratic Oath towhich the doctors subscribe,”Mohammed said. “This is an ill-
timed and ill-consideredstrike, — there is no doubt thatthe strike has impacted nega-tively on public health, puttingmany lives at risk.”
About 300 doctors have beeninfected with coronavirus in theline of duty and 10 have died,secretary general of the associ-ation, Bilqis Muhammad, said.
Kids line up with empty water jerricans to fetch drinking water in Nairobi, Kenya, on
May 05 —DPA
Amos Kimunya, Kenya’s former finance minister, will replace
Aden Duale as the Jubilee Party’s majority leader in the
National Assembly, Secretary-General Raphael Tuju said
Nigerian doctors suspendstrike amid renewed talks
The medical officers
decided to return to work in
Nigeria after an
intervention from
government officials, the
Nigerian Association of
Resident Doctors said
T U E S D AY 2 3 J U N E 2 0 2 0
06 politics
With the US president
trailing Joe Biden in national
polls and reeling from having
failed to deliver his Tulsa
rally as promised, the Trump
campaign will face new
pressure to deliver the boost
needed to get his bid for a
second term back on track
n One of the amendments
would allow Vladimir
Putin to reset his term
limit to zero even though
he’s already served four,
and to helm the country
for two more six-year
terms when his current
one expires in 2024
n A top ally of the Russian
president, Andrei Klishas,
a lawmaker who helped
to steer constitutional
overhaul, said Russians
should stop thinking
about who will rule after
Putin leaves office
Kenya ruling party rift costs leader’s jobPresident Uhuru Kenyatta is in process of building a coalition ahead of 2022 vote
On July 1, Russians will
vote on the most
sweeping changes to
the nation’s constitution
since it was adopted
almost 30 years ago
BloomBerg
South Korea’s presidential of-fice said John Bolton painteda distorted picture of diplo-macy with North Koreanleader Kim Jong-un, joiningthe Trump administration incriticising a memoir from theUS former national securityadviser.
“It does not depict accuratefacts,” Chung Eui-yong, the di-rector of national security,said in a statement on Mon-day from the office of Presi-dent Moon Jae-in. Chung wasreferring to what Boltonwrote concerning nuclear dis-armament discussions be-tween the US, South Koreaand North Korea.
“A considerable portion ofit is distorted,” he said, with-out elaborating.
Chung was a key player innegotiations leading up to thethen-unprecedented meetingbetween US President DonaldTrump and Kim in June 2018.He revealed Kim’s willingnessto open nuclear talks after atrip to Pyongyang and dayslater during a visit to theWhite House announcedTrump’s agreement to meetwith the North Korean leader.
Bolton said Trump’s desireto place his personal interestsahead of the country’s ex-tended to his dealings withworld leaders including Kim.A longtime advocate of amore assertive approach toNorth Korea, Bolton ham-mered Trump over his deci-sion to meet Kim last June inthe Demilitarized Zone beforePyongyang had taken signifi-cant steps to dismantle its nu-clear program.
“If he thought he could get
a photo opportunity with KimJong-un in the DemilitarizedZone in Korea, there was considerable emphasis on the photo opportunity andthe press reaction to it and little or no focus on what such meetings did for the bargaining position of theUnited States,” Bolton toldABC News.
The Trump administrationhas sought to block the publi-cation of Bolton’s book —“The Room Where It Hap-pened: A White House Mem-oir” — arguing it containedsensitive information relatedto national security.
The president has said thebook’s allegations about himare “lies.”
South Korea calls Bolton claims on
Kim talks ‘distorted’
US’s ex-diplomat John
Bolton said President
Trump’s desire to place his
personal interests ahead of
the country’s extended to
his dealings with world
leaders including North
Korean leader Kim Jong-un
t u e s d ay 2 3 j u n e 2 0 2 0
07europe/americas
BloomBerg
Sweden’s once battered creditmarket is finding relief in an unexpected place.
As firms and governments tryto recover, they’re selling moredebt earmarked for ethical andsocial projects than ever before.That issuance has provided alifeline to a market that sufferedone of the worst crashes in itshistory just a few months ago.
Anna Reuterskiold, a greenbond specialist on Nordea’sdebt capital markets desk inStockholm, says companies andgovernment agencies have fig-ured out that “you can get betterterms if you issue green.” Shesays “there’s a wider investorbase” when it comes to greenbonds, which has made all thedifference since the crisis.
“The issuers that we talk tosay that green has remained anopen line of communication to
investors during this time ofstress,” Reuterskiold said.
The Covid-19 pandemic isalso driving high volumes of so-called social bonds in theSwedish market, especially
from the supranational, sub-sovereign and agency sectors,according to Reuterskiold.
As an example, last week sawa unit of the World Bank Groupsell 4.5 billion kronor ($478
million) worth of bonds to sup-port member countries in theirefforts to tackle the impact ofCovid-19.
“Social bond issuance was$31.6 billion in the first fivemonths of 2020 — nearly dou-ble that in the whole of 2019.Some 54% of 2020 volume hasbeen issued in response to theCovid-19 pandemic.”
Just three months ago, corpo-rate bond issuance in Swedenground to a halt as credit spreadsblew out to financial-crisis pro-portions and more than 30 fixed-income funds slammed shut tohalt a client exodus.
But bankers have marvelled atthe pace of rebound. Dan Mar-golin, a Nordea banker workingon the same desk as Reuterski-old, says “it’s been enormouslyquick.” In a matter of weeks,“we’ve come back to nearly thesame levels as pre-corona.”
A major driver has been a del-
uge of climate-friendly debtsales, with the Swedish marketalone seeing “eight green corpo-rate bonds in the last twoweeks,” Margolin said.
Nor is the flurry of green sup-ply confined to top-rated is-suers such as Swedish ExportCredit and Kommuninvest.Riskier, high-yield companiesare getting in on the act, too.
Earlier this month, unratedCibus Nordic Real Estate AB re-opened Sweden’s junk bondmarket with a 600 million kronagreen bond that priced comfort-
ably inside early marketingguidance. The green label on theCibus deal definitely had a pos-itive impact with green ac-counts coming in with orders,according to a banker whoasked not to be identified. InNorway, meanwhile, GriegSeafood sold green notes thatwere 10 basis points under thelower range of initial price talk.
“It’s great that we’re nowopening up the Norwegian high-yield market as well,” said Mar-golin. “We’ve seen there is solidinterest.”
Sweden’s credit market rebounds on rising ESG bond volumes
Just three months ago, corporate bond issuance in Sweden ground to a halt as creditspreads blew out to financial-crisis proportions and more than 30 fixed-income fundsslammed shut to halt a client exodus
The debt issuance provides a lifeline to a market that suffered one of worst crashes in its history just a few months ago
Italy will likely seek to widenbudget shortfall, says Conte
The virus recession is battering an italian economy that was already shrinking at the end of last year
BloomBerg
Italian Prime MinisterGiuseppe Conte said his gov-ernment would likely seek awider budget gap as he drawsup an ambitious reform plan tolobby for European Union (EU) assistance to restart the economy.
The government will focuson infrastructure projects in-cluding high-speed railwaysand may approve a value-added tax cut to stem the coro-navirus’s impact on theeuro-zone’s third-biggest econ-omy. Conte made his commentsafter eight days of closed-doortalks with ministers and lead-ers from business, finance andlabour at a Renaissance villa inRome.
“We will probably need to in-tervene for a further wideningof the budget gap because theresources are not enough tocope with the impact of a hor-rible year both economicallyand socially,” Conte told re-porters. He said the govern-ment will present its reformplan in September.
Conte said his government isheading toward “a forced deci-sion” in the next few days onwhether to strip toll-road oper-ator Autostrade per l’Italia SpA,which is controlled by theBenetton family’s Atlantia SpA,of licenses following a deadly2018 bridge collapse.
“I don’t have an acceptableproposal on the table,” Conte
said, adding he was ready toconsider a new offer. “Atlantiahas asked for a clear solution,and I think that we as a govern-ment have a duty to give a clearsolution in the next days.”
The premier is drawing up a
reform plan to lobby for Italy’sshare of a proposed 750-billioneuro ($838 billion) EU programto help member states recoverfrom coronavirus lockdowns.
The virus recession is batter-ing an Italian economy that wasalready shrinking at the end oflast year. The Bank of Italy fore-casts a contraction between9.2% and 13.1% this year, anda more limited rebound in2021. That is set to send debtwell above 150% of GDP.
Conte’s proposed tax cut mayalready be fuelling differencesin interpretation within hiscoalition government. DeputyFinance Minister Laura Castelliof the anti-establishment FiveStar Movement told daily la Re-pubblica that relief measuresfor hard-hit sectors like
tourism could be ready soon,while Finance Minister RobertoGualtieri, of the center-leftDemocratic Party, is pursuing amore cautious line on tax reform, La Stampa reported.
Conte, whose country standsto benefit the most from theproposed grants and loans, in-sisted at a videoconference ofEU leaders that an accord must“absolutely” be reached by theend of July, according to an of-ficial familiar with his com-ments. He also called onleaders to “support the effortsof the Commission to makesome resources available already for this year.”
Conte will likely seek parlia-ment’s approval for about 10billion euros in extra spendingsoon, government officials said,in the latest step to revive oneof Europe’s most vulnerableeconomies. The governmenthas already approved two stim-ulus packages worth a total 75 billion euros.
Italian Prime Minister Giuseppe Conte speaks during a press conference at the end ofthe Estates-General talks at Villa Doria Pamphili, in Rome on June 21 —DPA
The premier draws up a reform plan to lobby for country’s share of a proposed$838bn EU program to help member states recover from Covid-19 lockdowns
BloomBerg
Wirecard AG was left fightingfor survival after acknowledg-ing that 1.9 billion euros ($2.1billion) that it had reported asassets probably don’t exist,deepening an accounting scan-dal that has rattled Germany’sfinancial industry.
The payments processorsaid it’s in discussions withcreditors and considering afull-scale restructuring afterpulling its financial results forfiscal 2019 and the first quar-ter of 2020. Previous descrip-tions of its business with thirdparties, which process transac-tions on Wirecard’s behalf,were “not correct.”
Even before the statement,the unfolding scandal had seenWirecard’s shares and bondscollapse, its chief executive de-part, and left the companyrenegotiating debt terms withits lenders. In less than a week,the fintech once hyped as thefuture of German finance haslost almost 90% of its marketvalue, with the shares slump-ing for a third trading day.
Wirecard said it was in “con-structive discussions” with itslending banks, including theextension of lines coming dueat the end of June. It is workingwith investment bank Houli-han Lokey on a sustainable fi-nancing strategy. Also underconsideration are cost reduc-tions, a restructuring, and dis-posal or termination ofbusiness units and productsegments, according to thestatement.
“There is a prevailing likeli-hood that the bank trust ac-count balances in the amountof 1.9 billion euros do notexist,” Wirecard said. The firm
had repeatedly delayed an-nouncing its financial state-ments, and last week warnedthat loans of as much as 2 bil-lion euros could be terminatedif its audited annual reportwasn’t published by June 19.
Wirecard fell as much as50% and traded 41% lower at9:54 am in Frankfurt. Thestock has lost 85% sinceWednesday, the day before itrevealed that the funds weremissing.
Wirecard’s lenders are de-manding more clarity from thecompany in return for the ex-tension of almost $2 billion infinancing after it breachedterms on the loan, people fa-miliar with the matter saidearlier. At least 15 commerciallenders, including Com-merzbank AG and ABN Amro,are in hectic negotiationsabout the steps to take, theysaid.
The missing cash “couldtrigger an event of default andallow creditors to withdrawlines of credit,” said JustinTang, head of Asian research atUnited First Partners in Singapore.
Wirecard fights for survival as missing
billions may not exist
n Italian PM GiuseppeConte will likely seekparliament’s approval forabout 10 billion euros inextra spending soon
n The government hasalready approved twostimulus packages wortha total 75bn euros
We will probably needto intervene for a
further widening of thebudget gap because theresources are not enough tocope with the impact of ahorrible year botheconomically and socially
Giuseppe Conte,Italian Prime Minister
Wirecard’s lenders aredemanding more clarity
from the company in returnfor the extension of almost$2 billion in financing after itbreached terms on the loan
n The coronavirus pandemic is driving high volumes of so-called social bonds in the Swedish market, especiallyfrom the supranational, sub-sovereign and agency sectors
n Last week saw a unit of the World Bank Group sell$478mn worth of bonds to support member countries intheir efforts to tackle the impact of Covid-19
Commuters wearing face masks get off the metro at the San Bernardo station in Madrid, Spain amid coronavirus (Covid-19) pandemic on Monday —DPA
BloomBerg
Danish lawmakers have struck aclimate agreement to ensuretheir country can live up to agoal of cutting carbon emissionsby 70% from 1990 levels overthe coming decade.
The deal, after winning broadbacking across party lines,means Denmark will commit tocutting carbon emissions by 3.4million tonnes. Lawmakers alsoagreed to build the world’s firstenergy islands, while invest-ments will be made in carboncapture and greener fuels, theClimate Ministry said.
“This agreement shows therest of the world that climate ac-tion and economic reconstruc-tion go hand in hand,” theministry said.
Prime Minister Mette Fred-eriksen said it’s still not clearthat the new deal will guaranteethat Denmark can reach its goalof cutting emissions by 70%.That’s why “we must invest, in-novate and research, so we candevelop the technologies andsolutions that will significantlyreduce emissions,” she said.
Denmark’s climate goals putit on a more ambitious paththan the European Union, whichtargets cutting carbon emis-sions by 40% in 2030. But theNordic country still has a long
road ahead of it, with the DanishEnergy Agency pointing out lastweek that emissions would onlybe down by 44% in the nextdecade, unless extra measuresare imposed. The deal was cru-cial to underpinning the primeminister’s credibility. Frederik-sen’s Social Democratic govern-ment last year ousted acenter-right coalition afterpromising voters more invest-ments in renewable energy.
Denmark has blazed a trail forembracing climate-friendly poli-cies, and its long-standing pro-gram of supporting greentechnologies has resulted insome of the world’s biggestcompanies in the field.
Denmark strikes climatedeal to slash emissions
BloomBerg
Germany is set to underline theneed to combine the EuropeanUnion’s (EU) economic recov-ery with measures to tackle cli-mate change, ahead of itassuming the bloc’s presidency.
EU environment ministerswill discuss on Tuesday howthe bloc’s Green Deal plan toreach climate neutrality in2050 can help the economy re-bound from the coronaviruscrisis. Germany will present itspriorities for the second half ofthis year ahead of it taking onthe EU presidency.
The 750-billion-euro ($841billion) recovery program un-veiled by the European Com-mission is the world’sgreenest, with the EU execu-tive proposing to link the useof funds with the bloc’s climateobjectives. Germany may seekmore specific ways to tie therecovery fund with Europe’sgreen goals, for example by re-quiring a clear commitmentfrom member states to set am-bitious emission-reductiontargets.
The German governmentwill also push for progress on adraft EU law to make the mid-century climate neutrality goalbinding.
Green shift talksin EU ramp up
BloomBerg
Facebook Inc. is consideringtaking over Neiman Marcus’retail space at Hudson Yardsin Manhattan, Women’s WearDaily reported, citing a per-son familiar with the matterit didn’t identify.
The operator of high-enddepartment stores filedChapter 11 bankruptcy onMay 7, which would allow itto back out of its 188,000-square-foot store lease freeof penalties.
If Facebook takes over thespace, it would add to the
lease the tech giant signedlast year for more than 1.5million square feet of spacein the same development.
Related Companies, a co-developer of Hudson Yards,and Facebook didn’t respondto Women’s Wear Daily’srequests for comment.
Facebook in talks for Neiman Marcus’ space
Daily life in Spain amiD CoviD-19
Lawmakers in Denmarkagreed to build the world’sfirst energy islands, whileinvestments will be made
in carbon capture andgreener fuels
t u e s d ay 2 3 j u n e 2 0 2 0
08 stock markets
crude oil hovered below $40 a barrel in New York
European stocks pare losses on optimism over economic recovery
BloomBerg
European stocks pared lossesand US equity futures rallied asinvestors bet that the economicrecovery will keep going, evenas virus infection rates rise.
Gold approached the highestsince 2012, while Treasuriesand the dollar were littlechanged. Retail stocks climbed,limiting losses in the Stoxx Eu-rope 600 Index. Wirecard AGshares were in freefall again asthe German company said themissing 1.9 billion euros ($2.1billion) of cash on its balancesheet probably doesn’t exist.
Hong Kong stocks slumpedafter China moved to tightenoversight of the city. Crude oilhovered below $40 a barrel inNew York.
Even as virus cases rise inGermany and the US states ofFlorida, California and Texas,there’s growing speculationthat politicians will be unwill-ing to put cities back on lock-down because of the economictoll. At the same time, marketshave been supported by his-toric stimulus programs by cen-tral banks around the world,with policymakers vowing toget growth back on track.
In the UK, Prime MinisterBoris Johnson is preparing torelax social distancing rules in a
major boost to the UK’s hospital-ity industry, as the governmentseeks to re-open more sectors ofthe economy that have beenshut during the lockdown.
“The market doesn’t believe
that we will see such draconianlockdowns even if there is aresurgence of the virus. The pol-itics have moved on,” said JamesAthey, a money manager at Ab-erdeen Standard Investments.“Rightly or wrongly, there’s alsoa pretty widespread feeling thatriskier assets won’t go down toofar, because the Federal Reservewon’t let them.”
MSCI Inc. will announce itsmarket classification review for2020 on Tuesday and IMF willalso release new 2020 growthprojections on Wednesday.
Futures on the S&P 500Index climbed 0.8% as of 9:11am London time and the Stoxx
Europe 600 Index gained 0.6%.While the UK’s FTSE 100
Index jumped 1.1%, the MSCIAsia Pacific Index also in-creased 0.2%. The MSCI Emerg-ing Market Index advanced0.6% to 1,001.36.
The Bloomberg Dollar SpotIndex decreased 0.2% to1,217.51 and the euro climbed0.3% to $1.1209.
While the British poundjumped 0.6% to $1.2424, theonshore yuan weakened 0.1%to 7.078 per dollar and theJapanese yen weakened 0.1%to 106.93 per dollar
The yield on 10-year Treas-uries dipped less than one basispoint to 0.69% and the yield ontwo-year Treasuries gained lessthan one basis point to 0.19%.
While Germany’s 10-yearyield fell one basis point to -0.42%, Britain’s 10-year yieldjumped one basis point to0.238%.
Futures on the S&P 500 Index climbed 0.8% as of 9:11 am London time and the Stoxx
Europe 600 Index gained 0.6%
Markets have been supported by historic stimulus programs by world’scentral banks, with policymakers vowing to get growth back on track
n Treasuries and the dollarwere little changed
n Hong Kong stocksslumped after Chinamoved to tightenoversight of the city
BloomBerg
Investors should be more se-lective in the next six months asasset returns are likely to di-verge because liquidity “cannotpaper over specific weaknessesindefinitely,” according to JPMorgan Chase & Co.
An “indiscriminate ap-proach” to a portfolio wouldlargely have worked in Apriland May, when most financialassets rallied — a typical resultat a turning point in the cycle,according to strategists led byJohn Normand in a June 19note. They cited extreme posi-
tioning and liquidity dynamics,plus central-bank asset pur-chases, as contributing to in-creased correlations wheneconomies enter recessionsand then move to expansions.
“But typically these highcorrelations mean-revert totheir long-term averages
within a few months, in partbecause the pace of quantita-tive easing slows and in turnallows country, sector andcompany-specific factors to re-assert themselves,” the strate-gists wrote. The second half of2020 “should bring this sort ofdifferentiation.”
Investors should get more selective in H2: JPMorgan
BloomBerg
Indian stocks rose as theyentered their final full weekof trading for the quarter, asinvestors weighed the re-opening of the economyagainst a rising number ofnovel coronavirus infectionsin rural areas.
The S&P BSE Sensexadded 0.9% to 35,038.49 asof 10:22 am in Mumbai,while the NSE Nifty 50 Indexadvanced 1%. While volatil-ity may be heightened thisweek ahead of the expiry offutures contracts expiring onThursday, both measuresare set for their biggestquarterly gain since 2009.
“Investors will focus onsome heavyweight sectors inthe indexes such as financialsas the economy reopens andthere’s growth in credit,” saidAbhimanyu Sofat, head of re-search at Mumbai-based IIFLSecurities Ltd.
Pharmaceutical stocks gota boost after winning regu-latory approval for Covid-19treatments. Glenmark Phar-maceuticals Ltd. jumped bythe daily 15% limit after en-dorsement to sell an oraldrug, while Cipla Ltd. roseas much as 9.4% on news itgot approval to sell itsremdesivir treatment.
Coronavirus infectionshave now spread to 98 ofthe country’s 112 poorestrural districts, up from 34
on April 15, according to agovernment report. WhileIndia eased its nationallockdown on June 8, the na-tion has so far reportedmore than 400,000 cases,the fourth-highest tally inthe world. The number in-cludes 227,756 recoveredcases.
After deadly borderclashes with China lastweek, India said the two na-tions will join in a summitwith Russia on Tuesday.
The rupee strengthened0.1% to 76.15 versus the USdollar, while the yield on themost-traded 6.45% 2029bond fell 1 basis point to5.99%.
Indian stocks gain
Investors in India are weighing the reopening of the economy against a rising
number of novel coronavirus infections in rural areas
Rightly or wrongly,there’s a pretty
widespread feeling thatriskier assets won’t go downtoo far, because the FederalReserve won’t let them
James Athey,Money manager at Aberdeen
Standard Investments
n The S&P BSE Sensexadded 0.9% to35,038.49 in India’sfinancial capitalMumbai, while theNSE Nifty 50 Indexadvanced 1%
n GlenmarkPharmaceuticals jumpedby the daily 15% limitafter endorsement tosell an oral drug, whileCipla Ltd. rose as muchas 9.4% on news it gotapproval to sell itsremdesivir treatment
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OCDOOF 1.00 000120,000, 2.890 3.360
3.840AIHTGA 1.00 000600,000, 2.820
.o OPCRA 1.00 00086,400, 1.290 1.490
obmyS )DEA((Al aVecaF serahSdeussI esloCtsaL 25higH
eInd IIDA )00.1(edraT 0 0
latoT 704,6803,121,
0.859QAHTEM 1.00 000150,000, 0.580
. CINKRA 1.00 000121,275, 2.880 2.880
LFKT 1.00 000100,000, 3.350 3.890
OCIS 1.00 000137,500, 2.840
) AINATAWWA 1.00 000150,000, 1.000 1.080
NOINU 1.00 180330,939, 0.516 0.870
)C).SP. ETINUYTILEDIF 1.00 000100,000, 2.000
ynap CINFA 100.00 0001,210, 245.430 272.700
ynap CINDA 1.00 000570,000, 3.030 3.700
1.800yna CINBA 1.00 000250,000, 1.800
NIALA 10.00 00015,000, 35.160 37.000
CIKA 1.00 000420,000, 0.250
10.400CINWA 1.00 000207,000, 9.290
EIC 1.00 000150,000, 7.000 8.100
RAFAHD 1.00 000100,000, 3.350 3.350
0.690CSPJynap CICIGAXA 1.00 000200,000, 0.323
IH 1.00 500118,780, 0.850 0.890
se0 g
2
0.120
3.360 2.600
3.840 2.500 70591,041. 00212,230. 29
1.490 1.290
25w oL )DEA(eluaV emluoV sedarT egnahC gnahC
deg pnchaUn 0 paCr octSegolCxeInd 711,800. eg
dnhaCxeInd 0.00 nhaCxeInd
cenavdA
0.859 0.478
2.880 1.870
3.890 2.580
1.080 0.450
0.870 0.516
272.700 272.700
3.700 2.600
1.800 1.800
37.000 33.000
10.400 9.290
8.100 7.000
3.350 3.000
0.690 0.323
0.890 0.850
%n
)
000.00120,000, 000.00346,800,
4.44 000.00600,000, 00000,000.1,692,
DEA(Al aitpaCpUidPa )DEA(.paCtekraM%
000.0086,400, 000.00111,456,
eg
oitzailati 8262600342g
00494,680.3,376, 88600,341.8,262,
egn 0.00
000.00150,000, 000.0087,000,
000.00100,000, 000.00335,000,
000.00121,275, 000.00349,272,
000.00137,500, 000.00390,500,
180.00330,939, 616.88170,764,
000.00150,000, 000.00150,000,
000.00100,000, 000.00200,000,
000.00570,000, 00100,000.1,727,
000.00121,000, 300.00296,970,
000.00250,000, 000.00450,000,
000.00420,000, 000.00105,000,
000.00150,000, 000.00527,400,
000.00207,000, 00030,000.1,923,
000.00100,000, 000.00335,000,
000.00150,000, 00000,000.1,050,
000.00200,000, 000.0064,600,
500.00118,780, 425.00100,963,
s
.oCgingderDeinraMl aniotaN
& misruoTrofniotaroproCl aniotaN
.oClsetoHl aniotaNi bahDubA
.oCniotviaAi bahDubA
ynapmoCgivinrDsetairmE
ynapmoCstcjeoPrl aicdeMlfuG
evicreS
nd
l
nd
eOpxeIndxenicleDd
eOpxeIndxenicleDd
eInd DIDA )00.1(edraT 0 0
latoT 351,6943,269,
CDMN 1.00 000250,000, 3.100 4.600
1.800lsetoH HTCN 1.00 000785,862, 1.800
HNDA 1.00 000,0001,000, 2.710 3.680
NOITAIVADA 1.00 200444,787, 2.800 3.450
11.860EVRID 1.00 40089,786, 9.030
PCMG 1.00 094698,916, 1.330 1.550
obmyS )DEA((Al aVecaF serahSdeussI esloCtsaL 25higH
eInd MCDA 656,076.edraT 1 0
latoT 000806,400,
481 g
2
470 g
deg pnchaUn 0 paCr octSeg2,270. eg
dnhaCxeInd 0.00 nhaCxeIndseolCxeInd
cenavdA
4.600 2.900
1.800 1.350
3.680 2.700
3.450 2.520
11.860 7.500
1.550 1.250
25w oL )DEA(eluaV emluoV sedarT egnahC gnahC
deg pnchaUn 0 paCr octSeg6,217. eg
dnhaCxeInd 211.24 nhaCxeIndseolCxeInd
cenavdA
70591,041. 00212,230. 29
%n
)
%n
oitzailati 7885285357gegn 0.00
000.00250,000, 000.00775,000,
00351,694.3,269, 02285,357.7,885,
000.00785,862, 00551,600.1,414,
200.00444,787, 00404,160.1,245,
00000,000.1,000, 00000,000.2,710,
400.0089,786, 192.00810,771,
DEA(Al aitpaCpUidPa )DEA(.paCtekraM%
094.00698,916, 405.02929,558,
eg
oitzailati 2150256000gegn 3.52
000.00806,400, 00256,000.2,150,
n
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n
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ae